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The following table shows the sorts of charges and expenses incurred over and above the normal fund expenses which are included in our annual management charge. These make up the additional charges and expenses on some of our funds. There may also be a performance fee on certain funds.
| Expense | Description |
|---|---|
| Bank charges | This represents the charges paid to the bank that manages the fund’s bank account. It covers, for example, the administration costs associated with paying/receiving money to/from the account. |
| Transaction fees | A transaction fee is charged each time a deal is placed to buy/sell stocks held by the fund. This fee covers the administration costs associated with the transaction. |
| Safe custody fees | This charge represents the fee paid to the external custodian for holding the funds’ assets. |
| Overdraft interest | Overdraft interest is charged when the fund’s bank account is overdrawn. |
| Expenses on futures | These are the expenses associated with dealing in futures. |
| Dealing adjustments | These are the dealing cost adjustments made for funds that are priced on an offer basis (the offer price is the price an investor buys units at). |
| Interfund loan interest | These entries relate to the loans made between funds to cover overdraft interest costs. |
| Interest claim | Similar to overdraft interest, an interest claim is made against the fund when the bank account for the fund is overdrawn. |
| In specie costs | Occasionally stocks are transferred in respect of a creation or liquidation in or out of a fund to save on dealing costs. |
| Audit fees | This represents the fee payable to auditors. |
| OEIC charges | Open ended investment companies (OEICs), because they’re more regulated than pension and life funds, have additional expenses to those listed above, including depositary fees, legal fees and audit fees. Where the pension and life funds invest via a Kames Capital* OEIC, then these additional expenses are incurred by the fund. *Kames Capital plc changed its name from AEGON Asset Management on 1 September 2011. It is part of the AEGON Group of companies. |
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