Transactions for the Account. Manager will arrange for securities transactions for the Account to be executed through those brokers, dealers or banks that Manager reasonably believes will provide best execution. In choosing a broker, dealer or bank, Manager will consider the broker, dealer or bank's execution capability, reputation and access to the markets for the securities being traded for the Account. Manager will seek competitive commission rates, but not necessarily the lowest rates available. Manager may also send transactions for the Account to brokers who charge higher commissions than other brokers, provided that Manager determines in good faith that the amount of commissions Manager pays is reasonable in relation to the value of the brokerage and research services provided, viewed in terms either of that particular transaction or Manager's overall responsibilities with respect to all clients whose accounts Manager manages on a discretionary basis. Portfolio transactions for each client account generally are completed independently. However, if Manager decides to purchase or sell the same securities for Client and other clients at about the same time, Manager may combine Client's order with those of other clients if Manager reasonably believes that it will be able to negotiate better prices or lower commission rates or transaction costs for the combined order than for Client's order alone. Client will pay the average price and transaction costs obtained for such combined orders. Manager generally will allocate securities purchased or sold as part of a combined order to Client's Account and to accounts of other clients according to the size of the order placed for each client. If Manager cannot obtain execution for the total amount of the securities in the combined orders, adjustments to the allocation will be made on a random number generator methodology. However, Manager may increase or decrease the amounts of securities allocated to each client if necessary to avoid having odd or small numbers of shares held for the account of any client. Each client that participates in a combined order will receive or pay the average share price and/or transactions costs for all transactions executed as part of the combined order. If Client directs Manager to use particular brokers, dealers or banks to execute transactions for the Account, Manager will do so, but Manager will not seek better execution services or prices for Client from other brokers, dealers or banks, and Client may pay h...
Transactions for the Account. Manager’s policy and practice in executing orders for clients is to take into account a range of factors including price, costs, speed, likelihood of execution and settlement, size, nature and any other consideration relevant to the execution of the order. However in weighing up the importance of these factors Manager takes into account a number of criteria for determining their relative importance, including the categorisation of all Manager’s clients as Professional Clients, the characteristics of Client’s order itself, the characteristics of the financial instrument or asset class being executed and the characteristics of the execution venues to which the order can be directed. A summary of Manager’s Best Execution Policy is attached as Schedule F. Client may direct all transactions for the Account to a particular broker, dealer or bank, by writing the name and address of that broker, dealer or bank in the space provided on Schedule A. IV. Any tax-related documentation required by broker/dealers and/or custodian banks shall be completed by Client. Upon receipt, Client shall process promptly as failure to do so may result in transactions in Client's account to be subject to backup withholding payments.
