High Water Mark Policy
Success fees are charged only on new profits above your account's High Water Mark (HWM). You are never charged twice for the same gains, and never charged for the recovery of losses the strategy itself generated.
Effective 4 August 2026
Managed accounts (SMA)
Your account, your keys — you can exit at any time. How you exit determines your mark.
Exit through the desk
Ask us to close or unwind at any point, for any reason. We execute the exit, sequence it properly and your full HWM is honoured — regardless of how the trade would have resolved.
Close positions yourself
If you close positions or withdraw margin unilaterally mid-trade, your HWM resets to the account's equity at the moment of intervention. This applies to the whole account and regardless of subsequent outcome. The strategy cannot answer for trades it was not permitted to finish; from that point, performance is measured from the state you created.
You keep the full benefit if your exit proves right — you do not charge the manager for it if it proves wrong.
Why it matters. Self-executed closes also transact into thin order books and move prices against other clients holding the same positions. The exit process exists to protect them as well as you.
Zignaly accounts
Your HWM is held and enforced by the platform, not by us. We cannot reset it, and it follows you even across disconnection and reconnection.
Investors on Zignaly cannot close strategy positions — exit is by withdrawal request only, which the desk unwinds in sequence.
Important Legal Disclosure
Margin Syndicate Limited (Company No. 12870584, England and Wales) is a software and systems firm. We are not an investment adviser, portfolio manager, broker or custodian and we are not authorised or registered by the Financial Conduct Authority.
We do not custody client funds in any service model.
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