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Barclays Investment Managers - MiFID II Costs & Charges

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December 2017

This disclosure is for potential clients and clients of the Investment Bank of Barclays Bank PLC. You acknowledge and agree that the information provided in this disclosure does not constitute investment advice or a recommendation to make an investment. If you are unclear as to the meaning or effect of any of the disclosures described herein, you should seek independent legal or financial advice. This disclosure should be read in conjunction with any other product specific disclosures or communications provided separately to you, which may highlight costs and associated charges particular to such product or service.

Introduction

The European Union Directive 2014/65/EU on Markets in Financial lnstruments (MiFID II) includes disclosure requirements upon investment firms in respect of costs and associated charges. MiFID II will be transposed into national law on 3 January 2018.

Barclays Investment Managers

Barclays Investment Managers (BIM) provides Portfolio Management capabilities via two fund platforms: Celsius Funds Plc & Celsius Investment Funds SICAV (together Celsius) serving a broad range of clients, primarily institutional investors, by offering a wide range of Cross Asset investment solutions covering but not limited to Equities, Fixed Income, Foreign Exchange and Commodities.

Scope of obligation

Article 24(4) of MiFID II and Article 51 of MiFID II Delegated Regulation 2017/565 (Delegated Regulation) require that investment firms distributing units in collective investment undertakings (UCITS) shall additionally inform their clients about any other costs and associated charges related to the product which may have not been included in the UCITS Key Investor Information Document (KIID), as set out in Article 78 of Directive 2009/65/EC - UCITS IV; and about the costs and charges relating to their provision of investment services in relation to that financial instrument.

Barclays’ interpretation of the costs and charges that do not appear on the KIID can be termed as

(a) Transaction Costs - these represent the costs incurred by us when buying or selling the underlying securities which comprise the fund.
(b) Incidental Costs - we consider that for funds and collective investment undertakings in general, these would include carried interests and performance fees, the latter of which is already included in the KIID. It should be noted that Celsius funds do not charge either carried interests or a performance fee, as these costs are normally applicable to private equity sponsored funds or hedge funds, and are therefore not applicable to Celsius.

Additionally, in accordance with Article 50 (10) of the Delegated Regulation, we have undertaken to provide information showing the cumulative effect of costs on return when investing in the products. The effects of costs on return are provided with an assumed recommended holding period of 5 years and an assumed growth rate of 3% per annum. Both of these variables have been used to facilitate comparison only.

Ex ante disclosure

Barclays is required to provide ‘ex ante’ disclosure on all Costs and Charges in good time to clients. Where the client is a MiFID II retail client and, pursuant to European Union Regulation 1286/2014 (the PRIIPs Regulation), Barclays provides the client with a key information document (a KID) in respect of a packaged retail and insurance-based investment product, the cost disclosure contained in the KID shall constitute ‘ex ante’ disclosure for the purposes of MiFID II Costs and Charges.

Appendices

The appendices below provide additional costs and charges information about the funds offered by BIM as required under MiFID II. You are advised to read this information so you can make an informed decision about whether to invest.

The appendices should be read as a supplement to the Charges section of the KIID related to the fund and share class, in order to give a full understanding of the costs & charges associated with investing in these products.
 

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