Investment Management

A wide range of services where you can choose your level of involvement in managing your investments. You can take all the investment decisions yourself and simply give us your instructions, you can access our expert advice for your portfolio or entrust the decisions to your dedicated investment managers.

As an independent investment manager, not tied to any funds, products or large institutions, we offer you transparency and flexibility to ensure that your objectives are met efficiently and successfully.

Order execution policy (OEP)

We are required under FCA rules to take all sufficient steps to ensure the best possible results when we execute orders or receive and transmit orders to a third party for execution on your behalf and also to provide you with a copy of the policy we adopt to achieve that objective. The paragraphs below set out in detail how we seek to achieve this result for you.

When we undertake a transaction on your behalf, subject to any specific instructions that may be given by you, we will take all sufficient steps to obtain the best overall outcome for you taking into account the following factors: the characteristics of the financial instrument, nature of the order, execution venues, liquidity, client category (Retail or Professional) and any other relevant criteria. We will then route the order accordingly.

We will use our commercial judgement and experience to determine the relative importance of each factor. For most orders, it will primarily be a case of achieving the best price, although other features of the order, like cost of execution, size, shape, liquidity, speed of execution and other matters, may be considered where relevant; including safe delivery to complete the transaction, and market impact.

For most orders, the choice of execution venue will involve no additional charges, but where additional charges are incurred, achieving the best overall outcome for you will be the priority. Standard settlement is usually trade date plus 2 (T+2). If a trade is instructed for settlement outside the standard, there is normally a cost impact reflected in the price.

Execution venues
We use dealing systems with links to regulated markets and their Member Firms, which include the Market Makers’ Retail Service Provider Network (RSP). Our use of these systems means that, for most standard settlement orders, we are able to achieve timely execution.

For more complex transactions or securities, or nonstandard settlement trades, in addition to systems, we also have direct telephone communications with counterparties with whom we can execute your orders. For non-UK equities, we will use the venues which, to the best of our knowledge, will provide you with the best overall outcome.

The execution venues we may use for client orders at, or below, standard market size for that type of financial instrument are detail in our Order Execution Policy.

We regularly assess the execution venues available and may add or remove venues in accordance with our obligation to provide you with the best possible execution result on a consistent basis.

Limit Orders
Limit Orders are orders given to us to buy or sell a specific number of shares in a stock at a specific price or better. In such circumstances, completion of the order is not guaranteed.

Limit Orders placed on the LSE Order Book will be automatically executed if the limit price, which you have set, can be achieved.

Limit Orders which cannot be placed on the LSE Order Book will be accepted for execution on a best endeavours basis. Unless instructed otherwise, Limit Orders will expire at the end of the business day and must be renewed if required on the following day. Limit Orders instructed over longer periods, will be accepted on a best endeavours basis.

Whilst best endeavours will be made to execute a purchase or sale at specified dealing price, we are unable to accept responsibility for any loss arising from a limit price being missed. WCIM is unable to accept stop loss instructions.

Consents
Order execution policy - We believe that it is in your best interest that we can deal in as many markets and use as many execution venues as possible, including dark pools, in order that we may give you the best possible outcome. Before we can execute your order outside a regulated market, multilateral trading facility (MTF) or organised trading facility (OTF) (i.e. where we deal off-exchange), we are required to obtain your express consent. By signing the account opening documentation and agreeing to these Terms, you will be deemed to have provided such consent by providing us with an order. If you withdraw your consent, please notify us in writing through your Account Executive. Using market counterparties (i.e. executing your order outside a regulated market) will result in counterparty risk. In the event that a market counterparty defaults in its obligations or becomes insolvent, we will not be responsible to you for any loss suffered by you by reason of any cause beyond our control.

Limit Orders - we are required to make public your unexecuted Limit Orders unless you expressly consent to us not to make it public. We believe that it is in your best interest that we do not make your Limit Orders public and, by signing the account opening documentation and agreeing to these Terms, you are expressly instructing us not to make such orders public, unless we feel that it is in your best interest to do so. Where your express consent is denied, or not received, we will attempt to make your Limit Order details known to the market and, if there are additional costs in doing so, we will notify you and the cost will be passed on to you.

Client Specific Instruction
There may be instances where you instruct us to place an order with specific criteria. Where you give us a specific instruction as to the execution of an order, we will execute the order in accordance with those specific instructions.

Where you provide specific instructions to us in relation to the execution of an order, your instructions may prevent us from applying the steps set out in our OEP. Where your instructions relate to only part of the order, we will continue to apply our OEP to those aspects of the order not covered by your specific instructions. The following is a list of examples which should not be regarded as exhaustive:

  • agency crosses where both buyer and seller agree to “cross” a trade at a pre-determined price
  • dealing in a size which is larger than that which is available in the market
  • dealing on extended or non-standard settlement
  • instruction to deal in a specific venue
  • highly structured (or customised) transactions where it is difficult to find a comparable instrument
  • dealing in a product where there is only one, or only one major, execution venue

We reserve the right to refuse specific instructions to us in relation to the execution of a particular order where, in our opinion, such instructions are not practicable, or may be contrary to your best interests.

Monitoring, Review and Updates
We will monitor compliance with our Order Execution Policy. We will review our order execution arrangements and policy regularly and whenever a material change occurs that affects our ability to continue to obtain the best possible result for our clients. We will notify you of any material changes to our execution arrangements by posting updates here.

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