Legal
Fee schedule
How our fees are structured. Every amount is agreed with you in writing before you invest.
Last updated: 7 October 2026
How we charge
Our fees depend on the type of account, the services you choose and the size of your mandate. For that reason we do not publish fixed rates. Every fee that applies to you is set out in your client agreement, and you will receive full details before you commit any capital.
- No fee is charged without being agreed in writing.
- All fees are shown on your statements.
- We will give you notice before any change to your fees.
Fee categories
| Fee | Private Investor | Institutional |
|---|---|---|
| Management fee | On request | Confirmed in your client agreement |
| Performance fee | On request | Confirmed in your client agreement |
| Execution and commission | On request | Confirmed in your client agreement |
| Custody | On request | Confirmed in your client agreement |
| Transfers and withdrawals | On request | Confirmed in your client agreement |
What each fee covers
Management fee
A regular fee for managing your account or mandate, usually calculated on the value of assets under management.
Performance fee
A fee that may apply when returns exceed an agreed level. The basis of calculation, including any high-water mark, is set out in your client agreement.
Execution and commission
Charges for placing trades, including any exchange, clearing and broker costs passed through to you.
Custody
The cost of holding your cash and positions with our custodians and clearing firms.
Transfers and withdrawals
Charges that may apply when moving funds into or out of your account, including bank and currency conversion costs.
Questions about fees
For a full explanation of the fees that would apply to you, please speak with a partner on 1-800-699-9424 or email info@invictus-heritage.com, Monday to Friday, 9:00–17:00 (US Eastern Time). Please also read our risk disclosure.