| Investing through an SMA |
Investing directly in the security
|
The investor is the beneficial owner of the investment but is registered in the name of the responsible entity or any custodian it may appoint. Consequently, the investor does not automatically:
- Receive notices from the issuer of the underlying investments; or
- Have voting rights in relation to the underlying investments
The investor has online access to a single report consolidating the relevant information regarding the performance of the underlying investments. |
The investor receives notices about the securities, including meetings and annual reports and retains full discretion to exercise voting rights.
The invest receives reports and accounts from the issuer of each security, not a single consolidated report.
|
The timing of payments, rate of return (due to fees or taxes payable), timing of distributions and price of investments may differ from those available to direct investors
|
The investor receives direct payment, rate of return and pricing of investments. |
| The time to takes to acquire or withdraw from an underlying investment may be delayed by the SMA administrative requirements. |
Investments and withdrawals are made in accordance with the parameters of the particular investments.
|
A corporate action may impose a limit or cap on the number of entitlements per holding, which may result in an investor receiving fewer securities or a lesser entitlement than a direct investor.
|
The investor’s entitlement under a corporate action is determined by their individual holding and is not affected by the holdings of others.
|
Generally, investors holding shares through a SMA will not be able to access shareholder discount cards and other similar schemes.
|
The investor has full access to any shareholder discount schemes.
|