Status of Transfers of Zenith client accounts to other Investment Services Providers – Zenith

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Status of Transfers of Zenith client accounts to other Investment Services Providers

27 July 2022

As duly notified to all affected clients by the Court-Appointed Administrator by his letter dated 15th April 2022, the company is currently in the process of transferring client assets to other investment services providers (intermediaries), as determined by its clients.

Clients were required to provide details of their preferred intermediary by 15th May 2022, in writing.

Clients are required to undergo a due diligence exercise before the transfer to their preferred intermediary can be finalised. In this regard, Zenith is in contact with clients and requesting the required information and documents in order that it may update its records accordingly.

Zenith is also in contact with the intermediaries receiving the assets from Zenith in order to coordinate transfers, especially in relation to certain information required about the receiving accounts.

Note that the transfer process is already underway for assets of clients who have completed their due diligence successfully and for which the intermediary has provided all the relevant details. The process involves sending a request to the respective fund providers which must go through their internal processes before being finalised. In view of this, customers are asked to allow some time for any transfer to be finalised.

Further transfer requests will be made gradually until all client assets are duly transferred to their preferred intermediary. Any cash balances which are held on account (including balances for dividends paid but not transferred to clients) shall also be transferred to the preferred intermediary after the asset transfer is complete. Please refer below to the most recent Tariff of Charges for details of if any fees which may be applicable. Note that transfers of your investments to your preferred intermediary is NOT subject to any charges.

Zenith will be getting in touch with clients who’s transfer requests have been submitted in due course.

Clients can contact Zenith via email on info@zenithgroup.mt, quoting their client reference number of ID number. Alternatively, clients may call on +356 2133 2200 during office hours. If the telephone line is busy, clients are advised to leave a voicemail or a missed call or to send an email to the address indicated above, and someone will call back.

Zenith Finance Limited is licensed to conduct investment services business by the Malta Financial Services Authority.

 

TARIFF SHEET

APPLICABLE FROM 01 AUGUST 2022

Fee Schedule

 

  1. Dealing charges for securities listed on the Malta Stock Exchange.1

The following rates of commission shall apply to the selling of securities and shall be charged accordingly each time a transaction is put into effect. A minimum charge of €15 is applied on Shares and Convertible Bonds; and €10 of Malta Government Stocks and Corporate Bonds.

 1 Fixed transaction charges and bank charges per contract note levied by the Malta Stock Exchange also apply.

 TREASURY BILLS · These trades attract a brokerage fee of 0.24% per annum2 on a pro-rata basis of the face value subject to a minimum charge of €25 up to a maximum charge of €1,100.

2 Brokerage fee incorporates Bank Charges covering settlement transfer by SWIFT.

 

Contract Value Shares and Convertible Bonds Malta Government Stocks and Corporate Bonds
On the first €25,000 or currency equivalent 1.50% 0.500%
On the next €35,000 or currency equivalent 1.25% 0.350%
On the next €60,000 or currency equivalent 1.00% 0.300%
Over €120,000 or currency equivalent 0.75% 0.250%

 

  1. Dealing charges for securities listed on International Stock Exchanges (major European Markets, USA, Canada, Australia & Japan).

The amount due to Zenith Finance Limited for the value of securities bought will be payable by or before the settlement date and the client understands that the Company has the right to sell any securities bought for which settlement has not been received on the due date. The client also indemnifies the Company against any losses incurred in the process of recovering full settlements due.

SHARES · Flat rate of 1.50% on consideration applicable on all amounts, subject to a minimum of €70 or equivalent on each contract note + out of pocket expenses:

  • BANK CHARGES – any correspondent bank payment charges
  • STAMP DUTY – any additional charges for shares listed on overseas stock exchanges will attract Stamp Duty when a trade is affected;
  • STOCK EXCHANGE FEES – where applicable stock exchange fees apply on purchase of equities;
  • FOREIGN BROKER CHARGES – 0.20% of consideration

BONDS · Flat rate of 1.25% on consideration, subject to a minimum of €70 or equivalent on each contract note.

FUNDS · Applicable Initial fee on amount invested, ranging from 0.75% to 4% plus out of pocket expenses charged by third parties, including custody fee of 0.10%*.  In accordance with the Rules, the Company is entitled to receive, from third parties’ fees, commissions, inducements and non-monetary benefits to enhance the quality of the Services to its clients.

 

Investment Instrument Initial Commission Inducements
Allianz Global Investors 3.00% – 4.00% 0.00%
Pioneer Investments 3.00% – 4.00% 0.00%
Franklin Templeton Inv. 3.00% – 4.00% 0.30% – 0.50%
Growth Investments 3.00% – 4.00% 0.25%
Henderson Global Investors 3.00% – 4.00% 0.35%
Invesco International Ltd. 3.00% – 4.00% 0.25% to 0.50%
Investec Asset Mngmt 3.00% – 4.00% 0.90%
Kames Capital 3.00% – 4.00% 0.35%
Legg Mason Global Funds 3.00% – 4.00% 0.40%
Lloyds TSB 3.00% – 4.00% 0.40%
Pictet Funds 3.00% – 4.00% 0.15% – 0.3%
Valletta Fund Mang. Ltd. 0.75% 0.20%

 

  1. Other Charges:
    Investment Advice: NOT AVAILABLE
    Issue of original contract note: Free of charge
    Issue of quarterly portfolio valuation: Free of charge
    Issue of quarterly portfolio valuation: Free of charge
    Issue of Withholding Tax Certificate by Email: Free of charge
    Issue of Dividend advice by Email Free of charge
    Issue of Dividend / Tax Certificate by post: €4.00
    Processing Fee on Redemptions: €250 per redeemed asset
    Interest chargeable on outstanding settlements: NIL
    Transfer out of holdings from Zenith Finance to local licensed intermediary: Free of charge
    Transfer out of holdings from Zenith Finance to foreign licensed intermediary: Upon Request
    Transfer of Cash Balance by bank transfer: €/£/$ 50 per Client Cash Account
    Release of estate charges: €10 per holding (Minimum €50)
    Compliance On-going Monitoring Fee: €500 p.a.
    Any out-of-pocket expenses out of Zenith Finance’s control (e.g. bank charges) will also be levied to customers.

*The fee is calculated annually on the value of the investment made on a nominee basis, and also covers the following services:

  • Custody of financial instruments
  • Collection of dividend/interest
  • Administration of all corporate actions
  • Pledging of securities

 

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