As part of the fiduciary services offered by Herald, the Group works with the major banking and investment management groups to ensure that monies held are properly managed. This includes:
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competitive rates of interest on call accounts in all currencies
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relative safety and security through the selection of reputable banks which have a long established presence in Jersey
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an efficient collection and payment service in all major currencies utilising electronic banking facilities which reduce payment charges
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fixed deposit accounts with competitive interest rates for clients with larger balances
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careful selection of investment management companies offering a wide selection of investment choices
Herald has negotiated special arrangements with banks whereby clients can in certain circumstances receive interest at rates linked to LIBID, a rate quoted by the wholesale money markets. For clients with at least $250,000 available for a period greater than three months, fixed deposits and money market funds are available in the major currencies.
Herald receives a commission from banks involved in the service at a maximum annualised rate of 0.75% for call account balances and 0.1% on fixed deposit balances. Herald also receives a commission from investment managers into whose investment products client assets are placed.
These commissions are received in order to compensate Herald for the work involved in the initial due diligence and scrutiny of the service providers, and in many instances negotiating enhanced rates or reduced fees for its clients, and thereafter, the ongoing monitoring and maintenance of the service provider relationship.