Safe Custody
RBC Dexia Investor Services, a joint venture equally owned by Royal Bank of Canada (RBC) and Dexia, acts as custodian of our clients' securities.

For all segregated accounts, the securities are held in a RBC Dexia account in the name of the client. Each client gives us authority to buy and sell securities. This allows us to implement our investment decisions immediately, but RBC Dexia maintains physical control of the clients' assets at all times.
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Segregated Accounts
For managed - i.e. segregated - accounts our minimum account size is $2 million .  (For smaller accounts, see Manitou Partners Registered Fund below.)   All segregated portfolios owned or controlled by members of the same family are aggregated for purposes of determining the minimum portfolio.

Our fees for investment management services are as follows:

All portfolios owned or controlled by members of the same family are aggregated for purposes of calculating the fee. One quarter of the annual fee is paid at the end of each calendar quarter, based on the market value at that time of the assets under management.
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Manitou Partners Registered Fund
In late 1999 we started a pooled fund, the Manitou Partners Registered Fund, for clients having less than our segregated account minimum. 

The minimum investment for the Fund is $1,000,000.  All portfolios owned or controlled by members of the same family are aggregated to determine whether the minimum investment level has been reached.

The Fund is RSP eligible, although many of the unitholders are taxable individuals.

The fee (including custody) is 1% of the net asset value per annum. There are no up-front, transfer or exit fees charged.

The investment performance of the Fund, which holds the same investments as our segregated accounts, has been excellent.  See Performance (PDF).

The Fund is governed by a Trust Indenture between RBC Dexia as Trustee and Manitou Investment Management as Manager.  As Trustee, RBC Dexia serves as custodian of the fund's investments.  The Fund is audited annually by PricewaterhouseCoopers.  Legal services are provided by McCarthy Tétrault.
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Meeting with and Reporting to Clients
We meet with each client at least once a year – and usually more often.  As the principal advisor to most of our clients we encourage them to call us with any financial queries they may have relating to banking, tax or other issues.  We are happy to work together with lawyers, accountants or other professionals for the benefit of our clients.  We do not charge for this added service.

We send detailed reports to our clients every three months.  If the family or group has more than one account, our quarterly report includes both a combined report, which aggregates all the investments and, for each individual account, a portfolio statement and statement of transactions. 

After the first 12 months we include, as part of our quarterly report, investment performance for the past year and from inception, together with comparable stock market performance statistics. 

In addition, our quarterly reports include a description of any new investments and an update on one or two of the companies owned by our clients.  We also provide our view of the current state of the economy and the broader stock market.
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Confidentiality
We protect our clients' privacy and treat all personal information relating to our clients as highly confidential.  For more information, please see our Privacy Policy.
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Income Tax Information
After the end of each calendar year all items required for income tax preparation are conveniently provided including: statement of dispositions showing securities sold during the year, the adjusted cost base, the proceeds of sale and capital gain or loss; a statement of fees paid to us and to the custodian for the year; and T3 and T5 information slips reporting interest and dividend income for the year.
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