Maseco LLP

Item 5 - Fees and Compensation
                                                                 the fund also imposes sales charges, a client may pay an
MASECO charges its fees on the basis of the sliding scale set    initial or deferred sales charge.
out below. Whilst MASECO believes its fees to be
                                                                 A client could invest in a fund directly without MASECO’s
competitive, clients should be aware that lower fees for
                                                                 services. In that case, the client would not receive the
comparable services may be available from other sources.
                                                                 services provided by MASECO which are designed, among
 First $500,000                        1.25%
                                                                 other things, to assist the client in determining which fund
 $500,001 - $1,000,000                 1.00%                     or funds are most appropriate to each client’s financial
                                                                 condition and objectives.
 $1,000,001 - $2,500,000               0.90%

 $2,500,001 - $5,000,000               0.80%
                                                                 Accordingly, the client should review both the fees charged
                                                                 by the funds and the fees charged by MASECO to understand
 Over $5,000,001                       0.70%
                                                                 fully the total amount of fees to be paid by the client and to
                                                                 thereby evaluate the advisory services being provided. Fees
                                                                 and charges levied by the platform or custodian selected by
Private Wealth Service Fees                                      the client are charged separately to the client’s account.
                                                                 Such fees may include, but are not limited to, any
Each client’s fee schedule is agreed on a client-by-client       transaction charges, fees for duplicate statements and
basis dependent on various factors including the size of         transaction confirmations, and fees for electronic data feeds
portfolio and will typically fall within the ranges provided     and reports.
above.
                                                                 Clients are also responsible for the charges imposed by
The specific annual fee schedule will be identified in the       broker dealers for the execution of trades on their behalf.
contract between MASECO and each client. A minimum of            Clients should refer to the Schedule of Fees and
$1,000,000 of assets under management is generally               Commissions for further information.
required for this service. This minimum account size may be
negotiable under certain circumstances.                          Different fees and charges will apply for non-US resident
                                                                 clients. Details are available upon request.
We may group certain related client accounts (household)
for the purposes of achieving the minimum account size and       Please refer to Item 12 of this Brochure for additional
determining the annualized fee.                                  information regarding brokerage practices.

For all accounts, an annual Account Maintenance fee of           Termination
$50/£50/€50 (plus VAT, where applicable) will be applied.        A client agreement may be cancelled at any time, by either
Except in certain cases, such as 529 Plans, where MASECO         party, for any reason upon receipt of written notice to the
5 | FORM ADV | © 2026 MASECO LLP. All rights reserved                                                                  July 2026

     Part 2A of Form ADV

other party. As disclosed above, certain fees are paid in         Economic rationale
advance of services provided.
                                                                  Asset classes where returns are understood and are, in an
Upon termination of any account, any prepaid, unearned            economic sense, expected, are favoured over asset classes
fees will be promptly refunded to the client. In calculating a    where manager skill is required to deliver all or some of the
client’s reimbursement of fees, MASECO will pro rate the          return.
reimbursement according to the number of days remaining
                                                                  Useful data insight
in the billing period. Clients always have the right to
terminate an agreement without penalty within five                Long and clean data series provide the best insight available
business days after entering into the agreement.                  for establishing the likely characteristics of an individual
                                                                  asset class.

Item 7: Types of Clients
                                                                  taken on, compared to other alternatives.
MASECO provides advisory services primarily to individuals,
                                                                  Portfolio contribution
including high net worth individuals, as well as trusts,
estates and charitable organizations.                             Asset classes that are likely to perform the task assigned to
                                                                  them within the portfolio are favoured over those which, on
For the purposes of the rules of the UK’s Financial Conduct
                                                                  their own, may seem like viable portfolio choices.
Authority, MASECO is required to classify its clients as either
Retail Clients or Professional Clients.           The client      Robust products
classification determines the type of service MASECO is able
to provide the client, the way in which it is provided (for       Well understood vehicle structures are preferred. MASECO
example, the frequency of certain reports) and the level of       looks to allocate capital to funds or ETFs with high liquidity
protection afforded to the client under the UK regulatory         and direct holdings in underlying securities, rather than
system. In general, we classify our clients as Retail Clients,    derivative exposure. In the event that robust tax efficient
which affords clients the highest level of protection under       products are not available, decisions will be made on the
the UK regulatory system. Due to regulatory constraints in        risk/reward assessment between the benefits of holding
the UK, currently MASECO may only provide a discretionary         exposure to certain risk factors and the costs of owning less
service level for a client who has been classified as a Retail    robust or actively managed products.
Client and whose investment portfolio will hold shares in         Governance budget
collective investment schemes which are not regulated by
the UK FCA, such as US Mutual Funds.                              Each asset class will be considered in the context of the skills
                                                                  sets, knowledge, time, access and resource available to
Before MASECO provides the Private Wealth Service, each           manage it effectively over time.
client is required to enter into a written agreement setting
forth the terms and conditions under which MASECO                 Dimensions of risk
provides its services.                                            All investment strategies involve risk of loss that clients
As previously disclosed in Item 5 of this Brochure, MASECO        should be prepared to bear. No assurance or guarantee can
generally imposes a minimum account balance requirement           be given regarding the performance of a particular
of $1,000,000 for its Private Wealth Service, however,            investment strategy.
MASECO may, at its discretion, accept accounts below the          MASECO’s clients’ portfolios are exposed to various
minimum required amount.                                          investment as well as operational and market risk.
Item 8: Methods of Analysis, Investment Strategies and            Understanding, monitoring and managing those risks is a
Risk of Loss                                                      key determinant to the overall risk of a portfolio and its
                                                                  performance outcome. The risks which apply to a particular
Methods of analysis and associated risks                          risk-graded model portfolio or specific transaction are set
MASECO selects investments based on its investment                out in the IPS sent to the client. These include:
philosophy, which is grounded in academic evidence and            General Risks
theory. In short, MASECO’s approach to portfolio design is
systematic driven by empirical evidence and investment               Performance of returns – Volatility
theory.                                                           The value of investments and the amount of income derived
MASECO holds a number of enduring convictions that form           from them may go down as well as up. All investments can
the basis of our investment philosophy, which guide the           be affected by a variety of factors, including macro-
decisions it makes on behalf of its clients.                      economic market conditions such as the interest or
                                                                  exchange rate environment, or other general political
Generally, asset classes that are backed by theoretical or        factors in addition to more company or investment specific
empirical support and which have a solid rationale for            factors.
inclusion are included in MASECO’s portfolios.
                                                                     Liquidity and non-readily realisable securities
The high-level criteria used in the selection of MASECO’s
asset classes are described below.                                Some investments may be very illiquid, meaning that they
                                                                  are infrequently traded, and so it may be difficult to sell
6 | FORM ADV | © 2026 MASECO LLP. All rights reserved                                                                    July 2026

     Part 2A of Form ADV

them within a reasonable timeframe or at a price which               Investment specific risks
reflects “fair” value. In stressed market conditions the ability
                                                                     Investing in funds
to liquidate from a fund may be subject to certain fund
...