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Expat Investor : September 2008
PORTFOLIO MANAGEMENT (or currency equivalent) and can be constructed from direct holdings or using a funded solution to match certain individual tax requirements. The annual management fees are around 0.90% or less, dependant upon size and any third-party custodial (0.045% p.a.) and transactional costs. It is now over 25 years since members of the Rensburg Sheppards international team first visited the Middle East to meet with expatriate clients. Today, members of the team regularly travel all over the world to help their expatriate clients plan and manage their assets, and to ensure that their investments are well looked after. Based in London, the international team of this investment management company manages clients who live or work overseas. Over half of clients looked after by the team are private individuals, with the balance equally divided between trusts and investment holding companies. Rensburg Sheppards confirms that almost all these clients are looked after on a discretionary basis. Having agreed a strategy, the team manages the offshore portfolios in line with the clients’ requirement, which cover a wide variety of investment aims. The discretionary service offered is suitable for investors who have sufficient funds to invest to diversify their portfolio across a range of individual securities, as well as collectives. This is a bespoke service for which investors are charged an annual flat fee based on the value of the portfolio – 1.5% on the first £650,000 and reducing thereafter – with no commission on stock sales or purchases. Rensburg Sheppards recommends a minimum investment of £250,000, or its equivalent in an alternative currency. International and expatriate clients can also use Rensburg Sheppards’ International Fund Service, a managed service which makes use of collective investments only, instead of individual stocks and shares. It is suitable for investors who do not have sufficient funds to achieve an acceptable spread of risk in individual securities, or for larger investors who prefer the simplicity, yet diversity of collective investments. The minimum investment into the service is £30,000, for which a management fee of 1% per annum is charged, based on the value of the portfolio. Rensburg Sheppards says that one of the most significant features distinguishing its international team’s expertise lies in the different base currencies of the client portfolios. “Whereas the base currency of a UK client is sterling, which is reflected in the geographic spread and asset allocation within the portfolio, nearly half the clients managed by the international team have little or no interest in the Fast Facts 77007 September 2008 ? EXPAT INVESTOR 15 pound. Their base currency may be the dollar or the euro, which is again reflected in the geographic spread of their portfolios. For example, a ‘dollar thinker’ may have only 5% exposure to the UK in a portfolio, as compared to say 70% for a ‘sterling thinker’s’ portfolio. Therefore, we structure portfolios not only to take into account a client’s investment aim and attitude to risk, but also their particular currency requirement.” Royal Bank of Canada (Channel Islands) is proud of the direct access private clients have to their portfolio managers. As Continued on page 16 €
July August 2008