DEFINE FINANCE INTERMEDIARIES FULL
DEFINE FINANCE INTERMEDIARIES PROFESSIONAL

No conflict of interest was detected in the selection of our intermediation providers in 2019.

DNCA Finance does not receive any retrocession of transaction fees from its intermediaries.

The agreements put in place do not include any minimum volume requirement or incentive pricing arrangements.

Each intermediary is subject to a prior selection procedure (see intermediary selection procedure).

The Company does not receive soft commissions from its intermediaries.

Conflict of interest preventionĭNCA Finance has put in place a policy for preventing and managing conflicts of interest incorporating the prevention of potential conflicts of interest related to the selection of intermediaries: Regarding the mandate investment service, DNCA Finance mainly retains the service of reception and transmission of orders offered by the custodian account holder of the managed accounts. Execution costs thus accounted for 100% of the total intermediation costs paid in 2019.Īs of, DNCA Finance no longer had commission agreements shared with third parties.Fees related to investment decision support and order execution services accounted for 0% of total intermediation costs since they were borne by DNCA Finance out of its own resources (including using the remainder derived from previously shared commission agreements).The key to the allocation for 2019 between the execution costs and the fees for the investment decision support and order execution services is therefore as follows:

DEFINE FINANCE INTERMEDIARIES FULL

Intermediation fees are received directly or indirectly by third parties that provide services to assist in the investment decision making and execution of orders.Įxpenses related to investment decision support services are borne in full by DNCA Finance out of its own resources.

In 2019, collective management and mandate based management services used financial intermediaries who provided execution and investment decision support services, under the conditions defined in the ‘Financial intermediaries selection and execution policy.’ Conditions under which DNCA Finance has used investment decision support and order execution services: In accordance with Article 321-122 of the AMF GR, the Management Company shall draw up a document entitled ‘Reporting on intermediation costs’ when using Investment and Order Execution Services and intermediation fees for the previous financial year amounted to more than 500000 euros.

DEFINE FINANCE INTERMEDIARIES PROFESSIONAL

dnca finance has taken steps to be categorised as a professional client with all intermediaries it seeks to use such that these are required to provide it with the best execution that it itself has to guarantee for its clients.įrench research (database coverage and accessibility), european research (database coverage and accessibility), analysis quality (pertinence, originality against consensus, rigour in financial analysis and monitoring of recommendations), the relationship with companies (organisation of financial presentations and face-to-face meetings with managers) and the availability of the research office (presentations on-site, frequency of contacts with the analyst).Ī rating of between zero (the worst) to five (the best) for each of the conditions mentioned above. The conditions taken into account are price, cost, speed (order transmission not execution), the probability of execution and settlement (in particular the cost and security of settlement and delivery), size, type of order and any other consideration relating to order execution (such as place of execution and market effect). Our market intermediary selection policy takes account of :

Methods of selection and evaluation of the intermediaries

Define finance intermediaries