The TER is calculated in accordance with the " Guidelines on the calculation and disclosure of the TER " issued by the Swiss Fund Association (SFA). It includes :
- the management fee and any other advisory fee
- the fees and other costs for administration and global custody of the assets
- the costs for audit, NAV publication, reporting, etc.
On the other hand, the transaction fees (brokerage) linked to the management of the fund are not included in the TER.
EU Savings Directive
All equity sub-funds are currently classified as " out of scope " in the meaning of the EU Savings Directive :
- none of the funds distribute dividends/coupons
- at least 67% of net assets have to be invested in equities, i.e. interest-bearing instruments may never reach 40% of assets
Since May 2008, the bond funds are "in scope", as most of their assets do not enjoy "EU grandfathered" status anymore (as they did until end-April 2008).
