Typically, we consolidate and submit customers’ orders on a daily basis. Please refer to the link here for information on how we process investment orders.
For funds with limited subscription availability, Endowus endeavours to ensure that comparable client orders are executed on the best available terms, and in accordance with the time of receipt of interest of such orders, taking into account the following factors:
- the available subscription capacity of the fund;
- the total amount of interest we receive; and
- the interest indicated by each client and the timing at which they indicated their interest.
Endowus operates in both Singapore and Hong Kong through separate legal entities. For such funds that are available to clients of both entities, we will split the available subscription capacity equally between these entities. To the extent that there is unused capacity in one entity, it will be re-allocated to the other entity.
Within each entity, we distribute the available subscription capacity among clients based on their indicated interests. This process involves:
- Prioritising larger orders. In the case of orders of the same size, the earlier order will be prioritised.
- Based on the above sequence, distributing available capacity to meet as much of each client's requested interest as possible. Depending on the available capacity, each client may be allotted the full or partial amount of his indicated interest, subject to the minimum order amount.
- Inviting clients who have been allocated capacity to subscribe for their share.
Should a client ultimately decide not to follow up with the subscription, we may decide to re-allocate the allotted capacity to other allotted clients, on a pro-rated basis, or to offer the client’s share to the next available client, based on the prioritisation described above.