InvestEngine's management fees are calculated daily and deducted from your account on a monthly basis, usually a few days after the end of the month. You will be able to see the fee being deducted as a transaction in your dashboard.
There is a small amount of cash held on your portfolio (as seen when you view your allocations), which is where we deduct your monthly fees. This amount is between 1-3% of your portfolio value (dependent on the overall value of your portfolio) and we only deduct the necessary amount to pay for the Managed portfolio fee.
If the cash balance on your Managed portfolio falls below 1%, InvestEngine will redeem the necessary amount from your portfolio holdings (sell some of your securities), to bring the cash balance up to the required level.
The decision for the threshold of between 1-3% value of cash being held on the account has been made at fund level by the Investment Committee and the Investment Manager. These monies can not be reinvested into the portfolio and can only be withdrawn when there has been a full sell down of the portfolio.
ETF fees are taken at source by the ETF companies (such as Vanguard and iShares) who manage the ETFs we use to invest your money. Fees vary for different ETFs but the average in our Growth portfolios is 0.15% a year, and 0.25% in our Income portfolios. You won't find these fees in any transactions listed on your dashboard because they are built into the ETF's performance but they should be considered in the overall annual cost of your investments.