Document info

Form 23796

Job ID 19072

Size A5

Pages 6

Colour CMYK

Version APR 2011

Operator info

1 ALI 14/01/11

Discretionary Fund 2

4
cm 3/3/11

JR 7/3/11

Management 5

Guide to charges 9

10

11

12

13

14

15

pic and Paralympic Games.

Street, Edinburgh EH3 8YF.

191517.
 Charges
The costs associated
a discretionary man
This brochure is designed to give you an The actual types and rates of charges and charges and expens
indication of Rathbones charges for their expenses incurred by a portfolio will vary from annual managemen
services. The actual cost of investing with customer to customer, and will depend on types of charges and
Rathbones will depend on the underlying a number of factors. These factors can include,
investments, investment approach and trading for example: Charge/Expense
activity. Charges and expenses can change. Rathbones annual
• The value of the portfolio;
management char
• The customer’s attitude to risk;
• Diversification of the portfolio;
• The geographical scope of investments;
VAT
• Any customer to customer-specific
UK stamp duty
instructions;
Overseas dividend w
• The specialism, views and asset preference Stamp duty reserve
of the investment manager; and
• The underlying investment vehicles and
assets selected. Activity charges
The above list is not exhaustive. Custody and activi

Rathbones welcomes the opportunity to Dividend charges

discuss any queries you may have. Full terms Trading
and conditions are available from Rathbones.
Interest receivable

Collective investm
(if held)
Annual manageme

Additional expense

Initial charges/ bid

Dilution levies

* Additional expens
audit fees; and reg
Rathbones, where
lower initial charge
 Charges Sample Mand
The costs associated with operating incurred, including an indication of their size,
and Illustratio
a discretionary managed portfolio include are provided in the table below. For further To help to quantify
f charges and charges and expenses in addition to Rathbone’s expenses, Rathbone
details, please refer to Rathbone Investment
olio will vary from annual management charge. Details of the has constructed an
Management.
will depend on types of charges and expenses that can be a £250,000 investm
actors can include, assumed to be man
Charge/Expense Rate Applied to mandate, and is inv
o; Rathbones annual £100 Fixed Charge, and then Whole portfolio value
Asset
management charge 0.8% per annum on first £1m The Fixed Charge will not apply to
to risk;
0.5% per annum over £1m funds valued below £15,000 Corporate Bonds
tfolio; & Government S
of investments;
VAT 20% Annual management charge UK Equities
er-specific
UK stamp duty 0.5% UK equity share purchases
Overseas Equitie
Overseas dividend withholding tax Typically 10% - 15% Overseas investment income
d asset preference Stamp duty reserve tax 0.5% Can apply to redemption of certain Cash
ger; and collective investment scheme holdings
nt vehicles and (charged within the scheme) Collective Invest
Activity charges
Retail Funds
ve. Custody and activity charges Nil
Dividend charges Nil
Institutional Fun
portunity to
y have. Full terms Trading £20 per transaction Any charges by counterparties, Investment Trust
particularly for overseas securities
from Rathbones.
trades will be absorbed by Rathbones Assumptions have b
Interest receivable Cash holdings. Current rates are
volume of transactio
available on request
Collective investment schemes
(if held)
Annual management charges Typically 0.75% - 1.5% per annum Collective investment scheme
management costs
Additional expenses* Typically 0.1% - 0.25% per annum Collective investment scheme
management costs
Initial charges/ bid-offer spread Typically 0% - 0.5% Collective investment scheme
purchases
Dilution levies Typically 0% - 0.5% Can apply to redemption of certain
collective investment scheme holdings

* Additional expenses can include registration fees; safe custody fees; trustee fees; handling charges;
audit fees; and regulatory fees and subscriptions.
Rathbones, where possible, will purchase Institutional units of collective investment schemes with
lower initial charges.
 Sample Mandate Charges Once the charges and expenses are totalled,
a Total Expected Charge (TEC) is obtained.
ion of their size,
and Illustrations The TEC that would apply to the example
ow. For further To help to quantify the possible charges and portfolio is detailed below. This information
one Investment expenses, Rathbone Investment Management is provided for illustrative purposes only.
has constructed an example portfolio for Actual charges may be higher or lower than
a £250,000 investment. The portfolio is those shown.
assumed to be managed to a ‘balanced’
mandate, and is invested as follows: Rathbone Investment
Management Example £250,000
value
Asset % Holding Balanced Portfolio Investment
e will not apply to
ow £15,000 Corporate Bonds Annual Management Charge 0.80%
& Government Securities 20%
Additional expenses 0.51%
ment charge UK Equities 50%
purchases Total Expected Charge (TEC) 1.31%
Overseas Equities 5%
ment income
We use the above sample TEC in personalised
emption of certain Cash 5%
ment scheme holdings illustrations(s) which accompany the Key
the scheme) Collective Investment Schemes Features document. We do this to help illustrate
the possible effects that charges and expenses
Retail Funds 5%
could have on the value of a policy, should
Institutional Funds 10% Rathbone Investment Management be selected
counterparties,
to manage part or all of a Retirement Account.
Investment Trusts 5%
verseas securities The TEC is reviewed annually. As stated above,
sorbed by Rathbones Assumptions have been made regarding the actual charges may be higher or lower than
urrent rates are
volume of transactions. those shown.
uest

ment scheme
sts
ment scheme
sts
ment scheme

emption of certain
ment scheme holdings

; handling charges;

ent schemes with

Further Information
Information about Rathbones can be found at
www.rathbones.com
Scottish Widows accept no responsibility or
liability for any actions or inactions of
Rathbones in relation to the discretionary
management of a Retirement Account.

As part of the Lloyds Bankin

Scottish Widows plc. Registe
Telephone: 0131 655 6000.
Scottish Widows plc is auth
23796 04/11 NW
As part of the Lloyds Banking Group, Scottish Widows is proud to be an Official Provider of the London 2012 Olympic and Paralympic Games.
Scottish Widows plc. Registered in Scotland No. 199549. Registered Office in the United Kingdom at 69 Morrison Street, Edinburgh EH3 8YF.
Telephone: 0131 655 6000.
Scottish Widows plc is authorised and regulated by the Financial Services Authority. Our FSA Register number is 191517.
23796 04/11 NW