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Anyone can open an account with Bite provided they meet certain requirements regarding their knowledge, experience and access to suitable resources, as well as having met our AML/KYC standards.

Bite is open to High-Net-Worth and Sophisticated Investors, and their advisers. This means we must ask you several questions to assess the suitability of our products to you.

Advisers can open an account to see if any products are suitable for their clients provided their client’s meet the definitions of either a HNWI or a Sophisticated Investor.

Fund managers can open an account as professional clients. Please get in touch with us on [email protected].

You qualify as a High-Net-Worth investor if one of the following applies to you:

Throughout the financial year immediately preceding the date you register

• You had an annual income to the value of £100,000 or more (this must exclude money withdrawn from pension savings or pension income).
• You held net assets of £250,000 or more. Net assets do not include:
  
  • Your primary residence or any money raised through a loan secured on that property
  • Any rights of yours under a qualifying contract of insurance
  • Any benefits (pension or otherwise) which are payable on the termination of your employment, death or retirement
  • Withdrawals from pension savings (except where the withdrawals are used directly for income in retirement)

Please note that this is only a summary of the declaration that a HNWI is required to make. You should consider carefully in the sign-up process whether you can accurately give the declaration required.

You may be a Sophisticated Investor if you have been one of the following:

• A member of a network or syndicate of business angels in the last 6 months
• Invested in an alternative investment fund or unlisted company in the last 2 years
• A professional in the private equity, hedge fund or alternative asset sector for 2 years
• A director of a company that turns over more than £1m in the last 2 years, or are currently

Please note that this is only a summary of the declaration that a Sophisticated Investor is required to make. You should consider carefully in the sign-up process whether you can accurately give the declaration required.

You can request to be classified and treated as a professional client. This includes meeting specific qualifying criteria related to assets and understanding of the relevant financial products, as well as regulated financial institutions such as regulated fund and asset managers, banks, insurance undertakings, pension funds and other regulated financial institutions.

Bite reserves the right to change your classification and will notify you accordingly in accordance with as per FCA Rules and if it intends to do so, it may require further information or investor declarations from you. You have to inform Bite as to any changes that would affect your eligibility to be classified as a professional client.

Whilst primarily being a technology platform, Bite recognises that you may have unique questions and situations that need resolving. Bite does not offer investment advice, but our sales support is available to assist you when needed. If you wish to get in touch with a team member, please contact us on [email protected].

Bite will not offer investment advice. Part of the rigorous account registration process is to ensure only investors with a sound financial understanding of these investments can access them. Whilst we would like to open the alternative asset market up to everyone the risks involved require a minimum level of knowledge, experience and resource and the investment decision remains entirely yours.

When you sign up, the documents available will explain in more detail how funds are structured, how investments are selected, and the role played by Bite and its associated companies in selecting and managing them. Bite does not make recommendations on investments and expects you to conduct your own due diligence before investing and to seek independent professional advice where appropriate.

Bite can help you with technological and procedural queries and our sales support will assist you if your issue is not addressed in our in-platform Help Center. If you wish to get in touch with a team member, please contact us on [email protected].

Bite does not charge fees for the use of its platform and it is free to use for clients who have successfully been through the account registration process.

Fees are only incurred when you make an investment. The fees are typically: a one-off introduction fee and an annual investor servicing fee. Both fees are a % of the sum invested or assets under management (AUM). Bite reserves the right to determine the fee levels on a per product basis and reserves the right to change fee levels on future products.

The underlying fund fees usually involve a management fee and a performance fee. A typical premium private equity fund will charge a 2% management fee and a 20% performance fee. The performance fee is subject to a typical hurdle rate of 6-8% and represents the benchmark a fund has to reach before the private equity fund managers are entitled to their performance fee.

You should consider very carefully the offering documents, information memoranda, limited partnership agreements and other documents on the website relating to a specific investment as this will tell you about fees specifically applicable to that investment.

Bite charges fees on a per product basis. Standard fees include:

• Subscription Fee (a one-off fee charged as a percentage of the subscription amount)
• Management Fee
• 0% Performance fee (Bite reserves the right to charge a performance fee on a per product basis)