About MASECO LLP
MASECO LLP was established in 2008 and is an
investment advisory firm providing fee-based
wealth management services primarily for private
clients based either in the US or in the UK. It is a
limited liability partnership established in the UK
(UK Companies House No. OC337650) and has its
registered office and principal place of business
in the UK. Joshua E. Matthews and James Sellon
are the principal owners of MASECO directly and
through their ownership in other entities that are
linked to MASECO LLP. James Sellon is Chief
Compliance Officer of the firm. Further
information regarding Mr Matthews and Mr Sellon
is located at the end of this brochure.
MASECO LLP is a Registered Investment Advisor
with the United States Securities and Exchange
Commission (SEC). MASECO LLP, which uses the
trading names of MASECO Private Wealth and
MASECO Institutional, is also authorised and
regulated by the Financial Conduct Authority
(FCA) in the United Kingdom.
Services offered by MASECO LLP
MASECO LLP (MASECO) offers Wealth
Management, including Financial Planning,
Services (“Private Wealth Service” or “PWS”) for
its clients. The PWS is designed for clients with
$1mm or more to invest.
A. Investment Management
MASECO manages discretionary and / or non-
discretionary portfolios on behalf of our clients.
MASECO adopts a risk-based approach to
portfolio construction creating a range of risk-
graded model portfolios which generally use
institutional asset class strategies to mirror the
various sub-asset classes that it believes are
suitable for a particular model portfolio. Funds
are selected on the basis of various criteria, such
as management style, investment philosophy,
track record, investment objectives, portfolio
composition, risk management, portfolio
construction and fees and expenses.
Each portfolio is constructed primarily of
mutual funds, exchange traded funds (ETFs) and
other pooled investment vehicles but may also
include individual equities (including exchange-
listed securities, securities and bonds (including
warrants, corporate debt securities, certificates
of deposit, municipal securities and United States
governmental securities) as well as Fund of Hedge
Funds.
MASECO may also provide advice and
management with respect to investments in Fund
of Hedge Funds and other alternative
investments.
Whilst each portfolio is designed to achieve a
particular goal and the investments within the
portfolio are in turn selected to help achieve that
goal, clients are given the opportunity to place
reasonable restrictions on the types of
investments to be included within their
individual account. Clients retain beneficial
ownership of all portfolio securities.
MASECO regularly monitors the underlying
securities in client accounts and rebalance
portfolios as necessary. If MASECO believes that
a reallocation is required, for example, that a
particular investment is performing inadequately,
or that a different investment may be more
appropriate, it may recommend a different
investment and reinvest the assets in accordance
with the discretionary/non- discretionary
authority granted by the client.
B. Wealth Planning
Wealth Planning is part of MASECO’s Private
Wealth Service and is designed to provide
MASECO with a holistic view of the client’s
circumstances in order to form a solid foundation
for investment recommendations.
Wealth Planning will in general address any or all
of the following areas:
• Tax & Cash
Flow: Income and spending
analysis and planning for current and
future years. We will also illustrate the
impact of various investments on a client’s
current income tax and future tax liability.
• Personal: Family records, budgeting,
personal liability, estate information and
financial goals.
• Education: Education IRAs, financial aid,
state savings and 529 plans, grants and
general assistance in preparing to meet
dependents continuing educational needs
through development of an education plan.
• Death & Disability: Cash needs at death,
income needs of surviving dependents,
estate planning and disability income
analysis.
• Retirement: Analysis of current strategies
and investment plans to help the client
achieve his or her retirement goals.
• Investments: Analysis of investment
alternatives and their effect on a client’s
portfolio.
• Wealth Transfer: Provide an assessment of
the most efficient estate planning
strategies and outline ways to efficiently
pass on wealth based on individual needs,
objectives and priorities.
5 | FORM ADV | © 2023 MASECO LLP. All rights reserved June 2023
• Charitable Giving: If there are charitable
giving intentions, we can discuss available
options and outline effective ways to meet
charitable goals.
Through personal discussion and a comprehensive
information gathering process, MASECO
establishes a client’s attitude to risk and capacity
for loss, their goals, objectives, time horizon,
liquidity needs, income requirements and
investment needs and by using the information
gathered, MASECO determines which of its model
portfolios or tailored portfolio is best suited to
meet those individual and multiple needs. It may
be in certain circumstances that MASECO
suggests either making modifications to a
portfolio (create a bespoke portfolio) or
recommend the portfolio allocation is spread
between two or more accounts if this means it can
more effectively achieve the required outcome.
When portfolios have been determined, MASECO
provides the client with an Investment Policy
Statement (IPS) that outlines its
recommendation. MASECO then manages the
portfolio(s) in accordance with the mandate
described in the IPS.
In order to ensure that MASECO’s initial
recommendation of an appropriate portfolio
continues to be suitable on an ongoing basis and
that the account continues to be managed in a
manner fitting the client’s circumstances,
MASECO maintains up-to-date client suitability
information by scheduling a client review at least
once a year. MASECO also gathers information on
vulnerable clients to ensure that any vulnerable
clients are treated fairly and are provided with the
correct service level.
MASECO asks clients, on an annual basis, to
confirm that their circumstances have not
changed to ensure that the portfolio remains
suitable. MASECO requests prompt notification
from clients of any material change in their
financial circumstances in the meantime that may
affect their position.
MASECO does not provide custody services and at
no time will it accept or maintain custody of a
client’s portfolio or account. MASECO will
introduce clients to a non-affiliated third-party
platform provider who will be responsible for the
safe-keeping and administration of the client’s
account.
The client is responsible for all custodian and
execution fees charged by the platform and
executing broker/dealer.
C. Amount of managed assets
As at 31 March 2023, MASECO managed
$1,856,021,385.47 of clients’ assets on a
discretionary basis and $821,417,605.18 on a non-
discretionary basis.