Fees
Our fees, on the record.
SLC publishes its standard schedule. You see what a trustee and licence host costs before you ask for a proposal. A written proposal then confirms the fees for your mandate.
All fees are ex GST and payable as stated. Disbursements are passed on at cost, with no uplift.
Request a proposalSchedule
Standard schedule
| Item | Fee ex GST | Basis |
|---|---|---|
| Fund and CAR establishment | $30,000 | Fixed, one-off |
| Trustee | $5,000 per month | Monthly in advance |
| CAR authorisation and supervision | $3,500 per month | Monthly in advance |
| Information memorandum | $15,000 | First draft and two revisions |
| IM changes after that | $550 per hour | Capped at $5,000 per calendar year |
| Registry and fund administration | $2,000 per month | Per fund or series |
| Investment review | $550 per hour | Where material review is needed; capped at $2,500 per investment |
| Out-of-scope work | $550 per hour | By prior agreement |
Registry and fund administration is $500 registry and $1,500 administration each month.
Lending
Lending-programme additions
| Item | Fee ex GST | Basis |
|---|---|---|
| Security trustee | $2,500 | Per loan |
| IM review and licensee clearance | $7,500 | Per series issue |
| Event of default administration | $2,500 plus $550 per hour | Per event; hourly component capped at $15,000 |
Establishment
What the establishment fee covers
- Constitution or trust deed.
- Investment management agreement.
- Subscription agreement and application forms.
- Deed of indemnity.
- CAR Deed.
- Drafting or review of your compliance policy suite.
- Mandatory initial training of two to four hours.
- Redemption process.
- Appointment of approved persons.
- ASIC notification of your appointment.
Establishment documents may be prepared by GRM LAW. Gavin McInnes, SLC’s Managing Director, is Founding Partner of GRM LAW. You may nominate your own lawyers where there is no conflict.
Exclusions
What is not included
- AML/KYC checks on your investors. These are your responsibility and cost.
- AMIT elections and tax advice.
- Distribution and capital raising. SLC does not bundle these.
- Disbursements, which are charged at cost.
Example one
Worked example 1: single wholesale property fund
Year 1, ex GST.
| Item | Calculation | Amount |
|---|---|---|
| Establishment | One-off | $30,000 |
| Information memorandum | One-off | $15,000 |
| Trustee | $5,000 × 12 | $60,000 |
| CAR | $3,500 × 12 | $42,000 |
| Registry and administration | $2,000 × 12 | $24,000 |
| Total year 1 | $171,000 |
From year 2 the recurring fees are $60,000 + $42,000 + $24,000 = $126,000, before the standard annual adjustment of 3.5%.
Example two
Worked example 2: lending programme, one series, 20 loans
Year 1, ex GST.
| Item | Calculation | Amount |
|---|---|---|
| Establishment and IM | $30,000 + $15,000 | $45,000 |
| Trustee and CAR | $8,500 × 12 | $102,000 |
| Registry and administration | $2,000 × 12 | $24,000 |
| Security trustee | 20 loans × $2,500 | $50,000 |
| Series IM review and clearance | 1 × $7,500 | $7,500 |
| Total year 1 | $228,500 |
The examples exclude disbursements, hourly work, investment reviews and event of default administration. They illustrate the schedule. They are not a quote. Run your own figures in the fee estimator.
Supervision
Why our CAR fee is not the cheapest
A CAR fee pays for supervision. ASIC expects a licensee to monitor and supervise its representatives, and it has acted against licensees that appointed more representatives than they could oversee.
Our fee funds a named compliance team, a monthly compliance pack with written findings, marketing review, breach assessment and an annual review of each CAR. We price for that work. We do not price to win on cost. The framework is set out on How we supervise.
Term
Term, exit and graduation
The initial term is a 12-month minimum, with six months’ notice after that. After the first 12 months, fees are adjusted annually by 3.5%.
If you are granted your own AFSL, your CAR appointment ends on the grant, with no break costs other than the fees for any balance of the 12-month minimum term. On any termination we give reasonable transition assistance. Compare the two routes in the CAR or own licence comparison.
Proposal
A written proposal confirms the fees for your mandate.
Fees can vary with the structure, the number of series and the volume of loans. Before any engagement, we issue a written proposal that sets out the fees that apply to you.
Request a proposal.
Email [email protected] or call (07) 3367 8681. We respond the same business day from Brisbane.
Stone Leaf Capital Securities Limited ACN 667 580 734 holds AFSL 549617 and is authorised to deal in and arrange interests in managed investment schemes and securities, and to give general advice, to wholesale clients only. This page is for wholesale and sophisticated investors and their advisers. It is general information, not financial advice, and is not intended for retail clients.