Regulatory Information


Fisher Investments Europe


Fisher Investments Europe Limited (FIE), authorised and regulated by the Financial Conduct Authority (FCA), is wholly owned by Fisher Asset Management, LLC, trading as Fisher Investments (FI). FIE delegates portfolio management to its parent company, FI. Unless otherwise specified, references to investment professionals, operations personnel, and middle and back office personnel are references to FI employees.

Fisher Investments Europe Limited is registered in England (Company No. 3850593) and authorised and regulated by the UK Financial Conduct Authority (“FCA”) (FCA No. 191609). Fisher Investments Europe’s permitted business is agreeing to carry on a regulated activity, managing investments, advising on investments, making arrangements with a view to transactions in investments, arranging deals in investments, dealing in investments as agent, advising on pension transfers and pension opt‐outs, and insurance mediation.

You can check this on the FCA’s register by visiting the FCA’s website www.fca.gov.uk/register/home.do or by contacting the FCA on +44 0845 606 1234. The FCA’s address is 25 The North Colonnade, Canary Wharf, London E14 5HS.

Access more information about our qualifications and business practices in the Fisher Investments ADV.

General


Any investment program may be volatile and can involve the loss of principal. Global investing can involve additional risks, such as the risk of currency fluctuations. No assurances can be made regarding the accuracy of any future prediction. Past performance is no guarantee of future returns. Not all past predictions were as accurate as those represented in the content of this website.


Fisher Books and Articles


These books and articles reflect the personal opinions and viewpoints of the authors and should not be regarded as a description of the advisory services provided by Fisher Investments Europe. The information is impersonal and not tailored to the circumstances or investment needs of any specific person. Nothing in these books or articles constitutes investment advice or any recommendation with respect to a particular country, sector, industry, security or portfolio of securities. No assurance can be made regarding the profitability of any security mentioned or regarding the accuracy of any forecast made. Not all past forecasts were, nor future forecasts may be, as accurate as those presented. Past performance is no guarantee of future returns.


Use of Hyperlinks


Fisher Investments Europe (FIE) provides links for your convenience to web sites produced by other providers. FIE is not responsible for errors or omissions in that material, and does not necessarily approve of or endorse the information provided. Users who gain access to that material are subject to the copyright and other restrictions on use imposed by those providers.


Copyright


All content included on this site, such as text, graphics, logos, icons, images, audio/video clips, charts, research, is the property of Fisher Investments and protected by United States and international copyright laws.


Trademarks


FISHER INVESTMENTS, FISHER INVESTMENTS PRESS, FISHER ASSET MANAGEMENT, MARKETMINDER, KEN FISHER, INVEST ASSURED, PURISIMA, FISHER FORECAST SEMINAR, FISHER FRIENDS, FISHER CLIENT FORUM, STOCK MARKET OUTLOOK, FISHER CONNECT WEBINAR, I HATE ANNUITIES, THE 15-MINUTE RETIREMENT PLAN, THE EIGHT BIGGEST MISTAKES INVESTORS MAKE and other Fisher Investments graphics, logos, page headers, button icons, scripts, and service names are trademarks or trade dress of Fisher Investments or its subsidiaries. Fisher Investments' trademarks and trade dress may not be used in connection with any product or service that is not Fisher Investments', in any manner that may cause confusion among customers, or in any manner that disparages or discredits Fisher Investments. All other trademarks not owned by Fisher Investments or its subsidiaries that appear on this site are the property of their respective owners, who may or may not be affiliated with, connected to, or sponsored by Fisher Investments or its subsidiaries.


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

Below are the top five execution venues per financial instrument for the previous year for our Fisher Investments Europe clients. Fisher Investments Europe is providing this information on an annual basis to comply with MiFID II regulations.

Broker Execution Score Rank % of Notional Traded (Institutional Client) % of Notional Traded Equity % of Notional Traded Fixed Income % of Notional Traded Mutual Funds % of Notional Traded Derivatives Trade Volume Rank
Goldman Sachs & Co 9 34.1% 34.1% 0.0% 0.0% 0.0% 1
Citigroup 14 27.6% 27.6% 0.0% 0.0% 0.0% 2
Merrill Lynch 10 8.7% 8.7% 0.0% 0.0% 0.0% 3
Morgan Stanley 11 6.3% 6.3% 0.0% 0.0% 0.0% 4
UBS Securities 13 4.9% 4.9% 0.0% 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 14 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.

This site has been approved and is being communicated by Fisher Investments Europe Limited.