[Typically, we consolidate and submit customers’ orders on a daily basis. Please refer to the link here for information on how we process investment orders.]
However, in some cases, funds may have limited subscription availability. In such cases, Endowus endeavours to ensure that comparable client’s orders are executed on the best available terms, and in accordance with the time of receipt of interest of such orders, taking into account the following factors:
- the available subscription capacity of the fund;
- the total amount of interest we receive; and
- the interest indicated by each client and the timing that they indicated their interest.
We do so by pro-rating the available subscription capacity, amongst a fixed number of subscribers, based on their indicated interests:
- First, take into account clients’ interests on a first come first served basis.
As a guiding principle, we would generally calculate the number of clients that we can accommodate such that each client allotted subscription capacity, receives at least one third of their requested interest (which equates to roughly 35%), while also meeting the minimum investment amount for the fund (in such case the allocated percentage for small order may be higher than 35%).
- Next, the allotted clients are invited to subscribe for their allotted capacity.
Should a client ultimately decide not to follow up with the subscription, we may decide to re-allocate the allotted capacity to other alloted clients, on a pro-rated basis, or to offer the client’s share to the next available client, again based on the timing that the client indicated an interest.
Endowus operates both in Singapore and Hong Kong (albeit separate legal entities), and accordingly there may be funds which are available to both Singapore and Hong Kong clients. In such cases, we will aggregate interests from both Singapore and Hong Kong, and apply the same methodology collectively.
最佳執行政策
[通常我們每天都會合併並提交客戶的訂單。請參閱此處的鏈接，以了解有關我們如何處理投資訂單的資訊。
然而，在某些情況下，基金的認購可能有限制。在這種情況下，Endowus 會盡力確保客戶的訂單以最佳可用條款執行，將根據收到類同客戶訂單要求的時間，並同時考慮以下因素：
• 基金可用的認購的額度；
• 我們收到對基金認購意向的總額；和
• 每位客戶表示的認購意向以及他們表示認購意向的時間。
我們會按固定數量的認購申請者及其表明的認購意向，按比例分配可用的認購額度：
•首先，以先到先得的原則考慮客戶的利益。
作為指導原則，我們通常會計算我們可以容納的客戶數量，以便每個客戶分配的認購容量至少收到其請求利息的三分之一（相當於大約 35%），同時滿足該基金的最低投資金額（在這種情況下，小額訂單的分配百分比可能高於35%）。
• 接下來，邀請分配到的客戶認購其分配到的份額。
如果客戶最終決定不跟進認購，我們可能會決定將該分配的份額按比例、或根據客戶表示認購意向的時間，再次重新分配給其他的客戶。
Endowus 在新加坡和香港（儘管是獨立的法人實體）均有營運，因此可能有基金是同時可供新加坡和香港客戶認購。在這種情況下，我們將匯總新加坡和香港的認購意向，並集體應用相同的方法處理。