TrustInvest Product Terms
Hello! Welcome to TrustInvest! We are glad you are here. These product terms tell you about our new product – TrustInvest. They tell you our responsibilities, your responsibilities and other important information. You’ll also need to read the General Terms and Conditions and the following documents (which, together, are referred to as the Fund Documents).
Prospectus
Product highlight sheet
Any other fund documents we tell you apply to you
If there are any differences in the information given in the documents, these product terms will take priority, then the general terms and conditions, then any other documents (in the order above).
To open a TrustInvest account, you need to be at least 18 years old, not be a US citizen (this means you are not subject to the federal income taxation system of the US) and have a Savings Account by Trust (referred to as savings account) that is not suspended, frozen, or considered by us to be inactive or not in good standing or terminated.
You can only use your TrustInvest account to buy or sell funds without receiving financial advice from us. We make no recommendation and give no advice, and you acknowledge that you are not relying on any advice or recommendation from us.
Unless we tell you otherwise, you cannot transfer your investments elsewhere.
Although we will try to act on your instructions to buy or sell funds as soon as possible after we receive those instructions, we, the fund manager and any third parties that we appoint do not have to accept or act on your instructions.
We do not have to act on your instructions if you provide them after the cut-off time for the fund. However, we may act on them on the next business day.
Your instructions may be affected by any limits set by us, the fund manager or any third parties that we appoint, and also by any market, legal or regulatory requirements.
If you have instructed us to sell your investments, we or any third parties that we appoint will deduct the investments from your TrustInvest account once we receive confirmation from the fund manager that your instructions have been executed (legally completed). We, the fund manager or any third parties that we appoint may sometimes suspend your right to sell your investments. For example, the fund manager may suspend your right in difficult investment environments.
You can sell up to 75% of the value of your investments in a fund. If you want to sell more, you must sell all your investments in the fund.
You can only fund your TrustInvest account through your savings account and can only transfer money from your TrustInvest account to your savings account.
We may sometimes ask you to provide further documents before you can buy or sell funds (for example, if our appointed third parties ask us to or if we must do so by law).
We are not responsible for:
Making sure that the fund manager sets aside the fund units for you or sells your units in the fund (depending on your instructions).
Any loss of profit or opportunity that you may suffer due to any telecommunications or other systems (whether it is ours or a third party’s) used to accept or process your instructions breaking down, failing, being interrupted or not working properly.
Any drop in the value of your investment or your investment failing to achieve a certain level of income or profit, unless this is caused by us committing fraud, being reckless or being grossly negligent.
We can suspend or restrict the use of all or part of your TrustInvest account at any time and without giving you notice or telling you why, but only if we are acting in good faith and within the law. We will not be responsible for any loss you suffer as a result.
You can close your TrustInvest account through the Trust App by leaving a message in our live chat. Before you do this, you must sell all the investments in your account and withdraw all the money to your savings account. Once your TrustInvest account is closed, you will not be entitled to any corporate actions (for example dividend declarations or mergers and acquisitions of companies that the fund invests in).
We can close your TrustInvest account at any time, for any reason and without giving you notice. For example, we may close your TrustInvest account if
you close your savings account,
the relevant authorities say we must, or
it is necessary to close your account in order to keep to the law or our own policies.
Before closing your TrustInvest account, we also have the right to sell your investments at the prevailing price and transfer the cash balance from your TrustInvest account to your savings account. We will not be responsible for any losses you suffer as a result.
We act as your agent, and you appoint us to:
carry out your instructions, orders and transactions through your TrustInvest account,
acquire, hold, sell or otherwise deal with your assets in your TrustInvest account in line with your instructions,
do anything necessary to exercise all or any of the powers given to us or anything else we may consider necessary to deal with, hold, buy or sell your investments, and
do anything which we believe is necessary for us to meet our obligations to you, such as collecting, delivering and receiving your investments or money under these terms or the law.
This means that you alone are responsible for all risks that come with your investments.
You confirm that the following statements apply to you.
You are the legal and beneficial owner (that is, you own the account and you have all the benefits of ownership) of the TrustInvest account.
You have the legal right to open and make transactions using the TrustInvest account, to give us instructions and to meet your obligations under these terms.
You are not a US person. This means you are not subject to the federal income taxation system of the US.
You accept the risks connected with accessing and using the TrustInvest account, and any investments bought, sold or held in it.
You have the experience needed to evaluate and understand the risks involved in your investments.
You can afford to bear all economic consequences and risks of your investments and, if necessary, have consulted your own tax, legal, financial and other advisers about this.
You are not the subject of any investigation, legal action or criminal proceedings.
You can meet your financial obligations, and no bankruptcy or similar proceedings, or legal action, arbitration, administrative or other proceedings have been started in relation to your assets (and you do not expect any to be started).
If we find that any of the above statements do not apply to you, we have the right to sell your investments at the prevailing price. We do not need to tell you why and we will not be responsible for any loss you suffer as a result.
We may use third parties such as execution brokers and custodians to help us buy and hold your investments respectively. As long as we use reasonable care and act in good faith when selecting the third party, we will not be responsible for any action, inaction or insolvency, negligence or failure of the third party. We will not be responsible for any other parties that the third party appoints, or for how the third parties select those other parties.
Your investments and money that we hold for you shall be subject to a first and general lien in favour of us. We can sell them at any time and use the money from the sale, or money we are holding for you, to recover any amount you owe us or to meet any other obligations you owe to us.
You must not transfer your rights (whether legal or otherwise) in your investments and money in your TrustInvest account, or grant a security interest over them (that is, use the investments or money as security), to a third party.
The fund manager provides the information about the funds. We are not responsible for checking that the information is accurate, adequate, reasonable or reliable. We are also not responsible for any mistake or missing information in any Fund Document or for any losses you suffer as a result of relying on the Fund Documents.
Any projections or forward-looking statements in the Trust App or website are not an indication of future or likely performance, events or the financial performance of products, countries, markets or companies. Actual results may differ. We are not responsible for any losses you suffer as a result of relying on or acting on any information in the Trust App or website.
You can inspect copies of the trust deeds referred to in the Fund Documents, for free during business hours from 9 am – 6 pm, at the fund manager’s registered office (7 Straits View, #23-04, Marina One East Tower, Singapore 018936). You can also ask the fund manager for a copy of the trust deed for a fee of S$50 per copy.
We may accept, rely on and act on any instructions you give us through the Trust app. For example, you may instruct us to hold, buy, sell or cancel any investment, or to deposit money into or withdraw money from your TrustInvest account. You agree not to dispute any order or instruction you give us, unless we have made a significant mistake or an administrative / clerical error.
Whenever you give us any instructions, you are confirming that you agree to these product terms and accept the risks that come with the investment.
You cannot consider us to have accepted your instructions until we have acknowledged them in the Trust app.
We will only deliver investments that you buy if we receive them from the relevant party or parties.
We may combine your order with orders from our other customers. We may allocate or distribute your investment with the investments of our other customers. This allocation or distribution may result in less than the amount of investment specified in your order. You accept the risk that this may result in losses to you.
We can accept all or part of your order or reject it if this is necessary to stay within any limit or restriction placed on us. You must not go beyond any limits or breach any restrictions that apply, whether these are set by us, the fund manager or law.
The cut-off times shown in the Fund Documents apply to buy or sell orders. If we receive your order after the cut-off time, it will be considered to have been received on the next business day. Business days are as defined in the Fund Documents.
There may be situations in which we cannot execute your instructions. Or we may, without giving you notice or providing any reason:
refuse, suspend or delay acting on any instruction
refuse to provide or allow you to use the TrustInvest account
reverse or interrupt any transaction on your TrustInvest account, or
execute only some or part of any instruction you give us.
We may not execute your instructions in full if any of the following apply. These are only examples and there may be other circumstances where we do not carry out your instructions in full.
We reasonably believe that your instructions are inconsistent, shown in the wrong currency, incomplete, incorrect, unclear, fraudulent or not given in a way we accept.
We think you are in breach of our terms.
It is unreasonable and impractical for us to do so.
It would go against our business practice or any of our internal policies.
It would break any law that applies (such as laws relating to money laundering, financing terrorism, tax and sanctions).
We believe that the instructions may be fraudulent or unauthorised.
You have not given us all the documents or information that we need.
You are not eligible to invest in the fund.
There is not enough money in your TrustInvest account.
Your TrustInvest account is suspended or frozen, or cannot be accessed for any reason.
In our reasonable professional opinion, it is an emergency or there are exceptional market conditions.
Circumstances beyond our control prevent us from carrying out your instructions.
We will never be responsible to you for any losses you suffer because of any action we take or fail to take under this section. You must indemnify us against (protect us from) all losses due to any action we take or fail to take under this section.
The fund manager and/or any third parties who receive orders from us do not have to accept all or any of the orders (partially or fully). We are not responsible for any losses you suffer because of any action the fund manager or any third party takes or fails to take.
If we (or the fund manager) reject your instructions, we will refund your money to your TrustInvest account.
The buy and sell prices are set by the fund manager in line with the Fund Documents. This means that any buy or sell price we tell you is not final until it is confirmed by the Fund Manager. You agree that if we show you a buy or sell price, the final buy or sell price when you place the order may be different from the prices we showed you, and we are not responsible for any losses that you may suffer as a result.
We will hold your money in accounts separate from our own money. These accounts will also contain money belonging to our other customers and we hold these accounts on your and our other customers’ behalf. These accounts will be held either with us or with a third party who is licensed by the relevant authority to hold investors’ money. There are risks when your money is mixed with our other customers’ money. One risk is that you may not get your money back if we (or the third parties we use) become insolvent.
We will follow the laws and regulations that apply to customers’ money.
We may place the money that we hold in your TrustInvest account into accounts that pay interest. If we do this, we will keep the interest, and you will not be entitled to it.
We will make arrangements for holding your investments. We may register your investments:
in our name as your custodian (the organisation responsible for protecting your investments), or
in the name of a third party we have appointed to hold your investments as your custodian. The third party that we appoint can also appoint someone else (known as a subcustodian) to hold your investments.
If we hold your investments on your behalf, we will do so in accordance with Regulations 27 and 27A of the Securities and Futures (Licensing and Conduct of Business) Regulations. If we appoint a third party to act as your custodian, they will be licensed by the relevant authority to hold investments. Therefore, your investments may be registered in our name, the name of a third party that we use, or another party that the third party appoints.
We will not charge a fee for custodian services.
We may hold your investments in an omnibus account (an account where your investments are mixed with the investments of our other customers). If so, we will keep records of your investments and how they have been mixed with other customers’ investments.
There are risks when your investments are mixed with our other customers’ investments. One risk is that you may not get your money or investments back if we or the third parties we use become insolvent. Another risk is that you may be affected by the losses of our other customers.
The investments we return to you may not be identical to the investments we were holding for you. However, we will return assets that are of the same class and value as those your buy order was for.
If any dividends, interests, rights, benefits or other proceeds relating to your investments are a result of mixing your investments with our other customers’ investments, we will decide how to divide these between you, us and our other customers.
If your investments are held in a foreign currency, they may be held in an omnibus account outside Singapore. We may use a third party who is licensed to act as a custodian in that country to hold your investments. The laws relating to the account may be different from the laws in Singapore. This means that your investments may not have the same level of protection as they would have if they were held in Singapore. For example, it may be harder to get these investments back than it would be if they were held in Singapore.
We do not have to return any specific investments to you and may instead sell the investments, at your expense, and transfer the money made from the sale to your TrustInvest or Trust savings account.
We will credit dividends from your investments into your TrustInvest account after we receive them from the fund manager and execution broker.
We do not have to tell you about any matter, deadline, corporate action or lawsuit relating to your investments.
You allow us to exercise all voting or corporate action rights that come with your investments as we see fit. This means that we may at our discretion decide not to exercise these voting or corporate action rights.
We may (but do not have to) tell you if we take any action relating to your investments.
We are not responsible for any losses you suffer if we take (or do not take) any action on these rights.
If we decide that we will no longer hold your investments on your behalf, we will give you reasonable notice. We will then sell all your investments and credit the money from the sale into your TrustInvest account.
We do not have to take part in legal proceedings on your behalf, whether in Singapore or overseas. We also do not have to provide information or advice on legal matters. If we agree to represent or co-operate with you, you must pay any costs and accept any risks involved. You must pay any losses we suffer in connection with any legal proceedings, including any legal or professional fees we incur.
We will send you a “trade confirmation” after the fund manager has executed your order.
We will provide statements, information or reports relating to your investments. We will decide how often to send these. In these documents, we will tell you the investments that belong to you and are held by us (or custodians we have appointed) and the transaction history of your TrustInvest account. We call these documents “statements”.
As soon as you receive a trade confirmation or statement, you must check it carefully to make sure it is accurate. If you notice any mistakes, you must report these to us within seven days. If you do not report any mistake or inaccuracy, you would be deemed to have confirmed that the trade confirmation or statement is correct.
When we receive any communication about your investments, we will take reasonable steps to forward it to you (if necessary). However, we will not be responsible for any losses that arise if we fail to send you any notice or communication correctly or quickly, unless this was due to our gross negligence, fraud or recklessness.
Important: You have the right to cancel your buy order for a particular fund after you submit it and your right exists until you exercise the right or until you sell.
You can exercise your right to cancel a buy order through the Trust App under each transaction. You can only complete exercising your right to cancel after your buy order has settled and you have not sold the fund. You cannot revoke any valid cancellation request you submit.
If you complete exercising your right to cancel before the cut-off time on any business day, the relevant selling price is the net asset value of the fund on the next business day.
If you complete exercising your right to cancel after the cut-off time on any business day, the relevant selling price is the net asset value of the fund in the next 2 business days.
If you choose to cancel your buy order, you will receive the market value of the investment, regardless of whether the market value is greater or smaller than the original amount paid by you. This also applies if you choose to sell your investments.
Partial cancellations are not allowed.
You may choose to sell your investments instead of exercising your right to cancel. You acknowledge that:
the prices may change during the period between the submission and processing of the sell order; and
you may not be able to enjoy the benefits of cancellation (i.e., refund of any sales charge applied, if any) if you choose to sell your investments instead of cancelling them and that the sale proceeds that you will receive may be lower than if you had exercised your right to cancel if the appreciation in the value of investments is less than the initial sales charge (if any).
Risk to your original investment amount: An investment is not money in a bank account, so it is not insured by the Singapore Deposit Insurance Corporation. Investments in funds are not obligations of, deposits in, or guaranteed by Trust Bank Singapore Limited. Investment involves risks, and you could lose all or part of your original investment amount.
Market risk: The price of the funds will move up and down. As a result, the value of your investment may increase or decrease. Past performance is not a guide to future performance.
Interest-rate risk: If a fund's underlying investments are in bonds, there is a risk that changes to the interest rate may affect the value of your investment. For instance, bond prices generally fall when interest rates rise.
Risk relating to your cash not being readily available (what we refer to as liquidity risk): As the fund is not listed on a public exchange (for example, a stock exchange), you can only sell your investments on business days.
Risk of not being able to sell your investments: The fund manager may sometimes decide to limit or suspend the sale of a fund for a period of time. This is to prevent too many investors from selling their investments at the same time in difficult investments markets. If this happens, it may be difficult or impossible to cash in your investment.
Foreign-currency risk: If a fund’s underlying investments are in a currency that is different from the currency of the fund, changes in currency values can affect the value of your investment.
Concentration risk: If you invest in a fund that focuses on a single sector, industry, theme or geographic area, the risk is generally higher than if you invest in a fund that focuses on several sectors, industries, themes or geographic areas.
Third-party risk: Transactions will be carried out through third parties (for example, a broker, a custodian and a fund manager) appointed in good faith by us or by our nominees or custodians. There is a risk that these third parties cannot meet their obligations. Therefore, orders may not be transmitted or executed. Instructions from the fund manager may not be provided to the custodian/broker or dealer and outstanding trades made through the custodian/broker or dealer may not settle. This could affect the performance of the fund and cause the value of your investments to fall.
Counterparty risk: A fund may invest in financial products issued by different organisations. If so, the fund will be exposed to any risks that affect the issuer of these underlying financial products.
Trading facilities and electronic trading: Our trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and computer systems, there is a risk associated with using these systems - including hardware or software failure. The result of any system failure may be that your order is either not executed according to instructions or is not executed at all. You should also be aware that the Internet is not a completely reliable transmission medium and there may be delays in service provisions.
When you agree to the Product Terms, you are taken to have read and agree to the risks disclosed above.
We execute your orders in line with our best-execution policy. “Best execution” means that we place and execute your orders on the best terms available after taking into account a range of factors.
The factors we consider are price, cost, speed and likelihood of execution, size and nature of the order, the settlement process and any other factors we find relevant.
We use execution brokers that are licensed by the relevant authorities to deal in capital market products.
Funds can only be bought and sold in one execution venue (with the fund manager) and at one price (the net asset value of the fund), so there are no “best available terms" when it comes to placing orders for funds, as we cannot choose the execution venue or price.
Last updated on: 15 December 2024, Version: 1
