How do I add a fee to a fund or to share classes?

You can add a fee (for example, a legal, admin or management fee) to:

• A fund, in which case the fee amount is apportioned across all share classes according to the capital ratio.

• One or some share classes in a fund, in which case the fee amount is apportioned across just those share classes.

A fee can either be:

• For a fixed amount, for example £25,000.

• For a percentage of an amount, for example 2.5% of fund GAV, or fund NAV, or fund GAV after all other fees are deducted. More information.

Recommended reading: Tutorial on adding fees and posting fee transactions

Methods

curl -X POST 'https://<your-domain>.lusid.com/api/api/funds/Growth/Equities/fees'
  -H 'Content-Type: application/json-patch+json'
  -H 'Authorization: Bearer <your-API-access-token>'
  -d '{
  "code": "MyLegalFee",
  "feeTypeId": {
    "scope": "MyFeeTypes",
    "code": "LegalFees"
  },
  "shareClasses": ["ShareClassA", "ShareClassB"]
  "displayName": "Percentage legal fee",
  "treatment": "Daily",
  "payableFrequency": "Quarterly",
  "accrualCurrency": "GBP",
  "businessDayConvention": "Previous",
  "feeRatePercentage": 0.01,
  "calculationBase": "GAV"
}'

Data fields and properties

This section supplements the API documentation and on-screen help text in the LUSID web app.

Mandatory fields

The feeTypeId must reference a pre-existing fee type determining how LUSID automatically generates accrual and payable fee transactions.

To specify a:

• Fixed value fee, specify the totalAnnualAccrualAmount field.

• Percentage fee, specify the feeRatePercentage (as a decimal, for example 0.2 for 20% or 0.01 for 1%) and calculationBase fields. More information.

The businessDayConvention field determines whether fee accruals are calculated for weekends or not. Specify Previous to add daily accruals for Saturday and Sunday to the total for Friday, and Following to add them to the total for Monday. Specify None to treat weekends as normal business days.

Optional fields

If you omit portfolioId, LUSID automatically generates accrual and payable transactions in the first portfolio registered with the fund.

If you omit the shareClasses collection with one or more short codes, the fee is applied to the whole fund.

If you omit anchorDate, LUSID uses 1 January for payable transactions. A fee paid annually pays on this date. A fee paid quarterly first pays on this date, and then at 3 month intervals, so for example 1 April, 1 July and 1 October. A fee paid monthly first pays on this date and then on the same day each month, for example 1 February, 1 March and so on. You can change 1 January to any other day and month combination.

If you omit endDate, a fee is valid forever.

Properties

You can extend the data model of a fee by adding custom properties from the Fee domain. Alternatively, you can add or remove properties independently using the UpsertFeeProperties API.

Subsequent updates

Once created, you can call the PatchFee API, but only to change the endDate. To change any other attribute you must delete and re-create the fee.

Appendix: Specifying a calculation base for a percentage fee

The calculationBase field determines the amount to calculate a percentage from. Note you can optionally combine the allowed values in the table below using mathematical operators, for example:

• "calculationBase": "GAV - Fees[MyLegalFee].Amount - Fees[MyAdminFee].Amount"

• "calculationBase": "(GAV + Dealing[SUBS]) - Fees[MyAdminFee].Amount"

• "calculationBase": "(Amount / 2) + Fees[MyLegalFee].TotalAccrual"

• "calculationBase": "ShareClass.Fees[MyLegalFee].CalculationBase * 5"