Key Features / Characteristics


Investment Strategy Equities, bonds, currency forwards, futures, options. Approximate lines of stock held at any one time: 50 – 70. Volume of trading: fifteen to twenty trades per week. Prices readily verifiable e.g. Bloomberg. The investment strategy will have a bearing on Fund Administration costs and set-up fees. For example the more complex the strategy and higher volume of trading, the greater the costs.
Number of Investors / Shareholders Ten to twenty. The greater number of investors will require more transfer agency work (aka shareholder dealing) which in turn will increase the Fund Administration fee.
Net Asset Value Requirements Monthly NAV calculation to include performance fee calculations. The frequency of NAV will have an impact on Fund Administration fees, i.e. monthly NAVs will be more expensive than annual.


Directors Fees An EIF must appoint two locally Licensed Directors to the Board of Directors. Fiduciary Fund Administration can provide suitably Licensed Directors either from our in-house resources or third party individuals. The fee for provision of a Licensed EIF Director will be £6,000 per Director, per annum.
Depositary An open-ended EIF must have a depositary. The depositary may be outside of Gibraltar. This will be in line with the selected custodian/depositary's scale of fees.
Fund Administrator An EIF must appoint a Gibraltar resident Collective Investment Scheme Administrator. It is possible to employ the services of a "foreign" fund administrator however certain conditions must be met. Further details can be provided upon request. Based on assumptions given above, the annual cost of this service would be £15,000. (Additional costs are incurred due to the regulatory reporting required for an EIF.)
Legal / Set-Up Fees An EIF must produce an Offering Document and registration must be accompanied by legal opinion from a senior Gibraltar counsel. Legal fees for production of an offering document and various other related tasks are likely to be in the region of £15,000 to £25,000.
Reporting An EIF is required to have an annual audit. Audit fees will be in the region of £5,000 to £7,000 per annum.
Company Secretary   Annual fee for this service will be £1,500.
Financial Services Commission (FSC) Costs   The application fee for an EIF is £2,500 and an annual fee of £840 is payable to the FSC.


The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.