Wrap Fee/SMA

One of the provisions is: Reported returns must be after deductions of all bundled fees - does this mean net of all fees and hence only net returns? We can identify sponsor when we prepare results for a sponsor-specific composite - but can we present this to another prospective SMA client - would this not be a breach of confidentiality (to the existing client)?

bundled fees (wrap fees or all-in fees) - includes both trading and non trading fees (management fees etc). Gross and net returns are stated net of TRADING fees. net returns also deduct management fees. When bundled fees are involved, you need to deduct the the trading fee portion for gross return. for net return you need to deduct trading and management fee portion of the bundled fee. if trading and management fees cant be disseminated then the entire bundled fee would need to be deducted.

When do we identify the sponsor for a sponsor-specific SMA?

Want to confirm that for Wrap Fee/SMA Accounts, should we report Net Returns? Gross returns is optional? And do we have to (or can we) identify sponsor (for a sponsor-specific composite)- in a presentation to another client? Would this identification not breach confidentiality?