A. General Description of Advisory Firm – MayTech is a limited liability company
organized under the laws of the State of Delaware. Its principal place of business is located
in New York, New York. MayTech was formed on December 16, 2016. MayTech is
managed by Mr. Nels G. Wangensteen and Ms. Ye Yin, its founders and principal owners.
B. Description of Advisory Services
MayTech is a succession to the business of both Wangensteen Asset Management LLC
(“WAM”), an advisory firm owned by Mr. Wangensteen, and MayTech Capital
Management, LLC (“MCM”), an advisory firm owned at the time of the succession by
both Mr. Wangensteen and Ms. Yin; currently owned exclusively by Ms. Yin. MayTech
also serves as investment manager to MayTech Global Innovation Partners LP (the “Global
Innovation Fund”), a privately offered collective investment vehicle.
Separate accounts are managed using a Global Growth strategy focused on growth
opportunities throughout the global market. The Global Innovation Fund follows a similar
strategy but emphasizes investments in the information technology, healthcare and
consumer sectors. MayTech provides model delivery services to various wealth
management platforms. The models offered this way are based on the Global Growth
strategy. Further, MayTech offers sub-manager services to various institutional investors.
The strategies implemented in these institutional portfolios are also based on the Global
Growth strategy.
Maytech advisory services include recommendations to rollover client’s or prospective
client’s retirement plans, such as a defined benefit plan, defined contribution plans, health
savings plans, educational savings plans and individual retirement accounts (“IRA”), into
another retirement account or IRA, managed by MayTech where we earn a fee. When
we make rollover recommendations to manage retirement accounts, we are a fiduciary
within the meaning of Title I of the Employee Retirement Income Security Act
(“ERISA”) and the Internal Revenue Code (“IRC”), which governs retirement
accounts. As such, we operate under a special standard of care rule to provide prudent
advice requiring us to act in your best interest and not put our interests ahead of yours,
charge no more than a “reasonable
fee”, as defined under ERISA, and not make any false
or misleading statements. We are required to give you basic information about our
conflicts of interests, such as when we make rollover recommendations this allows us to
earn an additional fee that is in our interest and to provide other conflicts of interest
disclosures in the way we make money, as more fully described in under Item 10 of this
Brochure.
C. Availability of Tailored Services for Individual Clients – MayTech does not generally
intend to tailor its advisory services to the individual needs of its separate account and Fund
clients (collectively, the “Clients”). However, MayTech conducts due diligence on
prospective Clients to assure that the strategy applied to the account fits the Client’s
investment goals and time horizon. Also, where a Client is subject to specific restrictions
(e.g. portfolio diversification requirements), MayTech may tailor its services in accordance
with such restrictions on a case-by-case basis if such restrictions will not materially alter
its investment strategy and approach.
MayTech will provide advisory services to each client pursuant to an investment
management agreement (each, a “Management Agreement”). Each client’s individual
investment guidelines and objectives are detailed in its respective Management Agreement
and, in the case of the Global Innovation Fund, the offering memoranda. As per the fund
offering memoranda, MayTech can accept side letters; however, currently there are no such
side-letter arrangements in place. Each Management Agreement will grant MayTech
complete investment discretion within the confines of these investment guidelines and
objectives. While Maytech generally provides discretionary asset management services, it
also overseas non-discretionary assets to accommodate certain clients’ needs.
D. Wrap Fee Programs – MayTech does not participate in wrap fee programs.
E. Clients Assets Under Management – As of December 31, 2023, MayTech has
$627,225,047 of regulatory assets under management (“RAUM”), of which $ 102,763,672
is non-discretionary and $524,461,375 is discretionary. Maytech has $96,003,817 in
assets under advisement representing our third-party model delivery services.