Aria Structured Investments s.à r.l

Who are Aria Structured Investments s.à r.l?

Aria Structured Investments is an independently owned Luxembourg company which was established to provide both passive investment funds and bespoke, private label funds for high net worth investment advisers and their clients. The company is a member of the Association of the Luxembourg Fund Industry. More details can be found on www.aria.lu

How long has Aria Structured Investments been managing funds?

The company was formed in 2007 but the management has been involved in the development of high-end, specialist retail structured investment products since the mid-1990s. Individually, the managers experience in the industry dates back to the late 1980s and encompasses everything from audit and risk to investment banking and product development.

What is the management style of Aria Structured Investments?

Passive. There is no active management of the underlying funds. Aria Protected Funds' use rules-based risk management provided by carefully selected investment banks of the highest quality. The passive nature of the business removes the question of who is the manager and what decisions he is going to make in the future. The models are structured upfront and allow for the provision of both capital protection and security of income as well as the certainty of planning for investors future.

Where is Aria Structured Investments based?

All management decisions for the Aria Protected Funds are conducted by a team based in Luxembourg. The Luxembourg office is also responsible for all administration, legal, and regulatory matters with the CSSF.

Have there been any meaningful changes in the investment team?

Not applicable given the passive investment strategy of the funds.

Have there been any meaningful changes in the investment process?

No. We do, however, constantly and actively look for other opportunities to capitalise on the investment banking techniques but this is for future fund launches.

Do the principals of Aria Structured Investments have their own money invested in the Aria Protected funds?

Yes, the key executives of Aria Structured Investments have invested significantly in the Aria Protected Funds family.

Aria Protected Funds

Are the Aria Protected Funds regulated?

Aria Protected Funds are regulated by the Commission de Surveillance du Secteur Financier, Luxembourg (CSSF).

Is there any form of investor protection?

Yes. The investors capital is protected by the counterparties of the funds who provide any capital and income protection to the funds. In addition, the investment bank follows the principles of UCITSIII protection and posts additional collateral (like escrow) for the benefit of the fund's investors. This is to ensure that in the event of all the entities failing, there is a substantial amount of capital available for the fund's creditors. Finally, the Custodian is legally obliged to protect the assets of the investor and this is a substantial and significant role for which the investor can rely on the legal position of the custodian for further comfort about their investment.

Is there any form of complaints handling?

Absolutely. The CSSF is a member of the Fin-net network established by the European Commission, which gathers the bodies responsible for the out-of-court settlement of cross-border disputes between consumers and financial services providers of the European Economic Area. For more information, che=ck out the CSSF website.

Who is the Investment Manager of my fund?

The legal responsibility for investment management is Lemanik Asset Management in Luxembourg. This is not really relevant however in a passive fund. The funds rely on the investment banks rules-based processes to both rebalance and manage the exposure to the funds' assets.

Do the Funds' pay dividends?

Yes, where appropriate. For Accumulation Share Classes, dividends are accumulated rather than paid out. Reporting requirements for tax authorities will be followed to ensure correct statements of any distributions are sent at least once per year.

I need regular income from my investment, what should I do?

Investors who require a regular stream of income from their investment can take advantage of the funds' daily dealing and absence of transaction fees to sell shares in the amounts and at the times that are required. Thus the amount of cash flow required from the investment can be tailored to each investor's requirements.

Can my associates regularly be sent a copy of the funds' reports?

Yes. Investors may indicate by written signed instructions where extra copies of reports and notices should be sent. Documents that are specific to the investor such as a statement of holdings will only be sent to addresses which are authorised in writing by the registered member.

Do you send out statements?

The fund will provide a report based on the frequency indicated on the application form or the management company can provide information on holdings to registered members only.

Transactions

Is there a bid offer spread?

No. The funds are priced at the net asset value per share of the respective fund on the dealing day.

Do the funds trade at a premium or discount to their net asset value?

No. All purchases and sales of shares are priced at the net asset value per share of the respective fund on the dealing day.

When can I transact in the funds?

Daily on Luxembourg business days. Instructions must be made before noon on the day before.

Can I send you my instructions by facsimile?

Yes, however, this must be followed up by the original. Instructions sent by facsimile will only be accepted if sent to the Administrator. The investor bears the risk of non-receipt of any instructions sent by facsimile. In the case of redemptions, proceeds will only be paid upon receipt of the original instruction unless proceeds are to be paid in accordance with instructions that have been previously filed in original form with the Administrator.

When will you confirm the details of my transaction?

Once all complete and proper instructions have been received, Contract Notes will be issued within five business days following the dealing day. The original of this Contract Note is mailed to the investor at the address indicated on the Subscription Form.

Can somebody else give instructions on my behalf?

Yes. If the Administrator has been provided with a properly executed power of attorney or other form of appropriate written authorisation, such persons may give instructions on your behalf.

What types of share certificates are provided?

None. All of the shares issued are registered. This means that the official record of ownership of shares in the funds is the share register maintained by the funds' Registrar.

Subscriptions

If I subscribe, how much of my subscription money actually gets invested?

Depends on the initial charge of the share class you are investing in and whether you are applying via a tax wrap or directly.

What is the minimum amount that I can invest?

The minimum initial subscription for any single share class is GBP50,000; further details are included in the prospectus.

What is the minimum amount for an additional subscription?

Once an investor has satisfied the minimum initial subscription amount, subsequent additions to his or her investment may be made in amounts as little as GBP1,000.

Is there an initial charge payable on subscriptions?

Yes, subject to the terms of the share class which you are investing.

What documentation do I need to invest?

Investors need to provide the Administrator with an Application Form, a copy of which may be obtained by clicking here. In addition, the Administrator will require corporations to provide additional documents such as signing authorities or relevant mandates. Individuals may be required to provide copies of identification documents.

Where do I send the subscription money?

The amount being subscribed should be remitted to the funds' Custodian; the bank details are provided in the application form.

Where do I send the subscription documents?

Subscription documentation should be sent (faxed and then originals posted) to the funds' Administrator as detailed in the application form.Email subscriptions cannot be accepted.

What is the deadline for subscriptions?

A properly completed Application Form along with the corresponding payment must be received by the Administrator by noon on the previous day before a dealing day for a subscription to be considered for the next valuation day.

What is the deadline for redemptions?

Proper redemption instructions must be received not later than 12:00 pm Luxembourg time daily.

Can I buy shares in my insurance company bond or SIPP or ISA?

Yes, however, it is subject to the approval of the individual providers. Further information is availble from your financial adviser.

Can I buy shares through my financial advisor?

Yes. Your advisor can complete the Application Form in your name on your behalf. Of course, you will be required to sign the form and will be considered the registered owner of the shares.

What is the best way to send my subscription payment?

We recommend that investors remit subscription amounts by wire transfer. These payments may be traced and are not subject to the sometimes significant delays in delivery and clearing. The Administrator is not permitted to accept cash payments.

What currency should I remit my subscription amount in?

Ideally GBP, however, you may send your subscription amount in any major currency. If necessary, it will be converted on your behalf by the Administrator to the relevant fund's pricing currency following receipt of a properly completed application form and any required supporting documents. These foreign exchange conversions are effected at highly competitive exchange rates.

Redemptions

What do I need to do in order to redeem my shares?

The Administrator must receive a properly completed Redemption Form or the equivalent by noon Luxembourg time for consideration in the next day's dealing. Requests received after this deadline will be considered for the next dealing date.

Are there any fees when shares are sold?

This depends on the terms and conditions of the share class and whether the funds were purchased through a wrapper which might levy its own charges.

What is the minimum amount for a redemption?

Redemptions must be in the amount of at least GBP1,000.

When will I receive the redemption proceeds?

Redemption proceeds will be remitted within five business days after the relevant dealing day as long as properly completed documentation has been received.

Fund Prices and Performance

Where are the funds' latest prices available?

The funds' latest returns are available from a number of public sources including trustnet, Bloomberg, and Morningstar.

Who calculates the funds' prices?

The funds' published prices are calculated by the Administrator as detailed in the prospectus.

How are the values of the funds determined?

The funds' Administrator independently determines the values of each fund.

Do the returns include dividends and income?

The funds' prices reflect all income, including dividends and expenses.

General

What tax advice do I need?

Neither Aria nor PIL gives tax advice. Any statements made on this website as to tax are based on our understanding of current tax rules and should NOT be relied on. The bases and interpretation of tax rules can change, and at any time. Please consult your own tax advisors.

Do the Funds fall within the scope of the European Union Savings Directive?

Our assessment is that all of the Aria Protected Funds are outside of the scope of the European Union Savings Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments. This means that payments from the Funds, including dividends and redemption proceeds, to residents of the European Union should not be subject to having tax withheld by paying agents under the Directive.

What is distributor status?

Distributor status is only relevant to investors who are subject to United Kingdom tax. These investors should make their tax advisors or accountants aware that ongoing registration with HMRC is part of the management of the Aria Protected Funds. The consequence for UK residents who are UK domiciled of investing DIRECTLY in a fund that has not received distributor status during any period in which have held their investment is that any capital growth realised on their investment will be taxed as income. Any gains on the A/A1 or B/B1 share classes are treated as CGT liabilities (including accumulations of income). Any distributed income is taxed as a dividend and as an Income Tax liability.

Do the Aria Protected Funds have UK distributor status?

Certification is granted retrospectively by HMRC and the Aria Protected Funds have been certified as Distributing Funds for the 2007 and 2008 accounting periods. Both the fund administrator and auditors are aware of and familiar with the requirements of HMRC and as such, every effort will be made to achieve distributor status throughout the life of the Aria Protected Funds.

Whom do I contact to invest in the Aria Protected funds?

Details can be found on the contacts page or speak to your financial adviser Contact Us

What is Luxembourg time?

Luxembourg time is one hour ahead of the UK.