Fees

Leyland Private Asset Management offers clients a choice of 2 simple fee structures:

The performance option (A) is subject to a high water mark, so clients do not pay twice for the same performance.

Leyland generally recommends option (B) but understands that some clients prefer to include a performance based component. The fee is drawn directly from the CMT or Margin Lending account at the start of each Quarter (Jan, April, July, Sept).

This fee structure compares very favourably with many other providers - Leyland's all inclusive charges include:

There are no additional or hidden fees when dealing with Leyland Private Asset Management which results in the client receiving more of the real return from the portfolio.

When investing by way of an IMA client's are receiving a level of service and transparency well above that which can be achieved via most other investment vehicles.

The two tables below highlight the difference in structure, transparency and service between Individually Managed Accounts (IMA's), Separately Managed Accounts (SMA's) and Managed Funds.

We believe that investors should look at three key issues when selecting a financial product or service:

Service - Performance - Cost

This can normally be established by asking a few key questions:

• Is the service I am receiving appropriate for me?

• What am I really being charged?

• What is the performance?

• What are the entry and exit fees?

• Do I know exactly what I am investing in?

• Do I understand the risk/return of my investment?

It can be difficult for investors to compare the fees and services between financial service providers. This often leads to investors becoming disappointed when the returns are lower than expected and/or the fees higher than they anticipated, this often occurs for a number of reasons:

1. Complicated Products It can be very difficult for an investor to analyse exactly what they are investing in and therefore properly analyse the risk vs. return.

2. Confusing Charges Sometimes fees are broken up into many components such as entry, exit, admin, execution, management etc. Sometimes charges such as brokerage etc. have the effect of reducing the return and are not immediately identifiable as a charge on the account.

3. Compromised Capital Gain Exposure Structured products do not take into account the effect of each transaction on the ultimate beneficiary, there are also issues such as inbuilt capital gains to be considered when purchasing units in a fund.
Leyland IMA's avoid all of these problems as they are extremely transparent with a simple fee structure and each investment is held in the client's name allowing all the tax benefits of direct share ownership.