Governance
The firm operates within a framework that is intentionally boring. What matters at this size is not the number of controls but that the ones in place are followed, every time.
Nothing is pooled. Each client's capital sits in an account with a broker, opened in the client's own name and under the client's own credentials. The firm never takes possession of it. Money is added and withdrawn by the client, instructing the broker directly, which means the firm is not a step in either direction and has nothing to gate.
The firm holds a limited authority to place trades in the client's account, and nothing beyond it. It cannot withdraw, transfer, or pledge a client's assets, and it cannot change who the account belongs to. The authority is granted by the client to the broker, so it is withdrawn the same way, by the client, without the firm's agreement and without notice to us.
The firm does not value your account. Your broker does, on its own statements, from its own records, and those statements are the authoritative account of what you hold and what it is worth. There is no valuation of ours for a broker's figure to disagree with, which removes the question that occupies most of the diligence done on a small manager.
The fee basis is stated in the client agreement and agreed before any authority is granted. It is not varied during an engagement without the client's written consent, and it is not deducted by the firm from a client's account on its own initiative, because the firm has no authority to move money out of one.
Every instruction the firm places in a client's account is logged, timestamped, and retained. That record is the firm's own, and it is deliberately redundant: the broker holds the same history independently, and the client can read it without asking us. Ours is available on request to any client, and to their counsel, at any time.