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’s registered office: 2nd Floor, 6-10 Whitfield Street, London, W1T 2RE, United Kingdom. Investment management services are provided by Fisher Investments.

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.

UK Stewardship Code

How we discharge our responsibilities under the UK Stewardship Code of the Financial Planning Council.

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Top 5 Brokers & Execution Quality (data for calendar year 2017)

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
Nordnet Bank 15 25.9% 25.1% 22.5% 55.9% 0.0% 1
Insinger Gilissen 13 23.9% 24.0% 16.4% 22.1% 19.8% 2
Avanza Bank 9 14.5% 14.9% 29.9% 0.0% 0.0% 3
Banco Inversis S.A. 11 7.5% 7.5% 0.0% 10.2% 1.9% 4
UBS Europe SE (Succursale Italia) 5 7.1% 7.2% 19.0% 0.0% 0.0% 5

*Avg. Execution Score Rank: All executions for each approved broker are measured against three trading benchmarks:

  • 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.

Investing in stock 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.