Regulatory Information
Fisher Investments Europe Limited is Authorised and Regulated by the Financial Conduct Authority
Fisher Investments Europe Limited, trading as Fisher Investments UK, is authorised and regulated by the UK Financial Conduct Authority (FCA Number 191609) and is registered in England (Company Number 3850593). Fisher Investments Europe Limited has its registered office at: Level 18, One Canada Square, Canary Wharf, London, E14 5AX, United Kingdom. Investment management services are provided by Fisher Investments UK’s parent company, Fisher Asset Management, LLC, trading as Fisher Investments, which is established in the US and regulated by the US Securities and Exchange Commission.
Investment management services are provided by Fisher Investments UK’s parent company, Fisher Asset Management, LLC, trading as Fisher Investments, which is established in the US and regulated by the US Securities and Exchange Commission.
Fisher Investments UK meets with qualified private clients who are interested in learning more about the discretionary investment management services of Fisher Investments. Fisher Investments UK takes time to learn about your personal financial situation, and where deemed suitable may provide a recommendation for an asset allocation strategy, along with a recommendation for discretionary investment management services provided by Fisher Investments. Clients in the UK typically contract directly with Fisher Investments for such services (unless ties by the client to continental Europe require other arrangements).
Whilst Fisher Investments provides a discretionary investment management service and can and does manage assets within separately managed accounts, for tax efficiency purposes assets of UK clients are typically managed within an open-ended investment company(ies) for which Fisher Investments serves as investment manager. Fisher Investments’ discretionary investment management service also includes ongoing investment counselling by a personally assigned Investment Counsellor.
The protections of the UK regulatory regime, including the Financial Services Compensation Scheme (FSCS), apply to the activities of Fisher Investments UK and any UK service providers. However, such protections do not apply in relation to the services of Fisher Investments or any non-UK service providers. The assets of UK clients will generally be held with a UK custodian (unless the client requests a non-UK custodian or ties by the client to another jurisdiction require other arrangements). The current FSCS compensation limit in respect of valid claims for investment business is £85,000 per individual. Additional information about the FSCS can be found online at www.fscs.org.uk. In addition, to the extent assets are invested in non-UK funds or ETFs, these protections will not apply.
This document constitutes the general views of Fisher Investments UK and should not be regarded as personalised investment or tax advice or a reflection of client performance. No assurances are made that Fisher Investments UK will continue to hold these views, which may change at any time based on new information, analysis or reconsideration. Nothing herein is intended to be a recommendation or forecast of market conditions. Rather, it is intended to illustrate a point. Current and future markets may differ significantly from those illustrated here. In addition, no assurances are made regarding the accuracy of any assumptions made in any illustrations herein.
Investing in financial markets involves the risk of loss and there is no guarantee that all or any capital invested will be repaid. Past performance neither guarantees nor reliably indicates future performance. The value of investments and the income from them will fluctuate with world financial markets and international currency exchange rates.
Not all past forecasts were, nor future forecasts may be, as accurate as others. There can be no assurances that investment returns from a particular strategy or allocation will exceed returns from another strategy or allocation.
This document has been approved and is being communicated by Fisher Investments UK.
Fisher Investments is an Investment Manager and Adviser
Fisher Investments Europe Limited’s parent company, Fisher Asset Management, LLC, trading as Fisher Investments, is established in the USA and regulated by the US Securities and Exchange Commission and serves as a subcontractor pursuant to an outsourcing agreement. The protections of the UK regulatory system, including the Financial Services Compensation Scheme, do not apply in relation to its services. The Company provides a variety of wealth management strategies and services to high net worth individuals and institutions, throughout North America and the United Kingdom.
Top Brokers & Execution Quality (data for calendar year 2023)
Below are the top five execution venues per financial instrument for the previous year. Our Firm is providing this information on an annual basis to comply with MiFID II regulations.
| Broker | Execution Score Rank | % of Notional Traded | % of Notional Traded Equity | % of Notional Traded Fixed Income | % of Notional Traded Mutual Funds | % of Notional Traded Derivatives | Trade Volume Rank |
|---|---|---|---|---|---|---|---|
| Bank of America Merrill Lynch | 2 | 30.3% | 30.3% | 0.0% | 0.0% | 0.0% | 1 |
| UBS Securities | 1 | 17.2% | 17.2% | 0.0% | 0.0% | 0.0% | 2 |
| Piper Jaffray & Co | 3 | 14.2% | 14.2% | 0.0% | 0.0% | 0.0% | 3 |
| Cowen & Company | 4 | 12.8% | 12.8% | 0.0% | 0.0% | 0.0% | 4 |
| Goldman Sachs & Co | 9 | 7.3% | 7.3% | 0.0% | 0.0% | 0.0% | 5 |
Table updated 07/07/2024. Data from 01/01/2023 to 31/12/2023.
*Avg. Execution Score Rank: All executions for each approved broker are measured against three trading benchmarks:
**The table may display fewer than five brokers when fewer than five brokers are used for execution.
- Trade Date Open
- Volume Weighted Average Price (VWAP)
- Trade Date Close
Differences between average prices and benchmarks are expressed in percentage terms (difference divided by trade value) and are rolled-up by broker into a weighted average percentage difference across each of the three benchmark measures. All 18 approved brokers are ranked across the three different benchmark measures (top-rank meaning the smallest % difference from the benchmark). A weight is applied to each benchmark ranking (Trade Date Open = 70%, VWAP = 15%, Trade Date Close = 15%) and the average ranks are rolled-up into a final “Average Execution Score Rank.”
Example:
Broker X:
- Trade Date Open Rank: 5
- Volume Weighted Average Price (VWAP) Rank: 10
- Trade Date Close Rank: 15
- Execution Score Rank = (70% * 5) + (15% * 10) + (15% * 15) = 7
Execution quality is reviewed on a weekly basis by the Trading team utilizing Trade Cost Analysis (TCA) software. A summary of the TCA is generated quarterly and reviewed in detail with the Trading Practices Committee. Any outliers are reviewed to determine what factors contributed to the execution results and if the factors were within the traders'/brokers' control.