Disclaimer

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Founding Partner & CEO




Disclaimer

General:
Please carefully read this important information before entering this website. It contains legal and regulatory notices relevant to the information contained on this website. Please ensure that you select the correct jurisdiction and investor type classifications, as this will appropriately tailor the website content for you.

You should not rely on the views and information on the site when making investment decisions. The information contained in this website is not intended as an offer or solicitation for the purchase or sale of any financial instrument.
The content of this website has been prepared by Algebris Investments (UK) LLP and Algebris (UK) Limited (collectively “Algebris”) on the basis of information sources and analysis believed to be reliable as at either the time such content was posted in the website or otherwise at the date disclosed. Views and Opinions are Algebris’ only and may change. Algebris is under no obligation to update such information, and Algebris’ views and opinions may change. Algebris uses all reasonable skill and care to ensure information is accurate. However, errors or omissions may occur that are outside of our control, such as unauthorised access to this internet service, or the effects of machine, software or operator error or malfunction in connection with data transmission.

Under no circumstances should any part of this website be construed as an offering or solicitation of any offer, and any investment in the products referred to on this website should only be made on the basis of the relevant prospectus. Any reference to individual investments should not be taken as a recommendation to buy or sell. Any performance reports should be read in conjunction with the full text and definitions of the relevant fund prospectus. To the fullest extent permitted by law, Algebris accepts no liability for any loss or damage which may arise from the access to, use of, or reliance on the content of or information contained on, this website.

Otherwise than as specifically set out, the information on this website must in no circumstances be copied, reproduced or redistributed in whole or in part. You may download or print copies of some of the documentation contained on this website for your own private use only, provided that you do not change any copyright, trademark or other proprietary notices. All intellectual and other property information contained in this website shall continue to be held by us and no rights of any kind in it shall pass to you. This website is reserved exclusively for non-US persons and should not be accessed by any person in the United States.

 

Advice:
Nothing in this site should be construed as being personal financial advice. Algebris does not offer investment advice.

 

Performance information:
Past performance is not a guide to future performance and may not be repeated. The value of shares can go down as well as up and is not guaranteed. Changes in rates of exchange may also cause the value of shares to fluctuate. Because of this, an investor is not certain to make a profit on an investment and may lose money.

 

Important documents:
The information contained herein is not intended to provide, and should not be relied upon for accounting, legal or tax advice or investment recommendations. You should consult your tax, legal, accounting or other advisors about the issues discussed herein. A potential investor expressing an interest to invest in the transaction will be provided with a prospectus and subscription agreement (together, the “Fund Documents”) for the investment and an opportunity to review the documentation relating to the investment. Prospective investors must review the Fund Documents, including the risk factors, before making a decision to invest and should rely only on the information contained in the Fund Documents in making their investment decision.

 

Links to other Web Sites:
On this web site you may be offered automatic links to other non-Algebris web sites which we hope you will be interested in. These links are provided only as convenience. Algebris does not accept any responsibility for the content of those web sites or your use or inability to use such web sites, the owners of which do not necessarily have any link, commercial or otherwise, with Algebris. The inclusion of any link does not imply affiliation, sponsorship, endorsement, verification or monitoring or approval by Algebris of any information contained in any non-Algebris web site. You should also be aware that the terms and conditions of such web site and the web site’s statement relating to the collection and use of your personal information may be different from those applicable to your use of this web site.

 

Use of cookies:
Algebris may obtain information about your general internet usage by using a cookie file which is stored on the hard drive of your computer, for the purposes of systems administration and statistical analysis. Cookies contain information that is transferred to your computer’s hard drive and help Algebris to improve this Website and to deliver a better and more personalised service to you, including by storing information about your preferences and to recognise you when you return to this Website. Please see our Cookie and Privacy Policy for further details.

 

Data protection:
See the Algebris Cookie and Privacy Policy relating to the collection and use of your personal information. Personal information provided by you will be held in confidence by Algebris and will not be passed on by Algebris to other product or service companies except as permitted by the important information or the Algebris Privacy Policy.

 

Company and regulatory details:
Algebris Investments (UK) LLP and Algebris (UK) Limited
7 Clifford Street
London W1S 2FT
United Kingdom
T +44 (0)20 7851 1740
F +44 (0)20 7851 1769
www.algebris.com
Registered in England and Wales No. OC319392 and 10308570 respectively.

Algebris Investments (UK) LLP and Algebris (UK) Limited are both Authorised and Regulated by the Financial Conduct Authority

 

Recording of calls:
Telephone calls to Algebris or any Algebris group entities may be recorded or monitored.

Terms & Conditions

1. This website (the “Site”) is maintained by Algebris Investments (UK) LLP (“Algebris”). These terms and conditions of use (“Terms of Use”) set forth the terms on which you may use the Site, and the information and materials contained therein (the “Contents”). By using the Site, you agree to these Terms of Use. If you do not agree to these Terms of Use, you are not authorised to use the Site or the Contents in any manner, and you should immediately discontinue any use of the Site or the Contents.

2. Algebris shall have the right at any time to modify or discontinue any aspect of the Site or any part of the Contents. Algebris may also modify these Terms of Use without notice. You agree to monitor these Terms of Use, and to cease all access or use of the Site if you no longer agree to abide by the Terms of Use. Your continued use of the Site shall constitute acceptance of such modification.

3. Algebris grants to you a limited, personal license to access the Site and to access and download the Contents, but only for your own use. You may not use, reproduce, distribute or display any portion of the Site for any other purpose, including, without limitation, any commercial purpose.

4. Except for a single temporary copy in a single computer’s memory or another fair use under applicable copyright laws, the information contained herein may not otherwise be used (not copied, performed, distributed, rented, sublicensed, altered, stored for subsequent use, etc., in whole or in part, in any manner) without Algebris’ express prior written consent. You may use the Site and the Contents for lawful purposes only. Algebris reserves all rights not expressly granted herein, including the right to terminate your use of the Site without notice.

5. Investing in securities carries certain risks, and Algebris shall not be responsible for any investment losses incurred in reliance on information provided on the Site. Advice from your own financial advisor is strongly recommended. The information and design of the Site are owned by Algebris and/or its service providers.

6. The Site contains copyrighted material, trademarks and service marks, and other proprietary information, including, but not limited to, text, software and graphics, that are owned by Algebris, which reserves all rights in the Contents, and/or by third parties. You agree not to reproduce, distribute, sell, broadcast, publish, publicly display, retransmit, disseminate, circulate, create derivative works from, or commercially exploit the Site or the Contents without the express written consent of Algebris. In addition, you are not permitted to alter, obscure, or remove any copyright, trademark, or other notices that are included in connection with the Site.

7. You agree to access the Contents and the Site manually, by request, and not automatically, through the use of a program, or by other means. You agree not to take any action, alone or with others, that would interfere with the operation or security of the Site, to alter the Site in any way, or to impede others’ access to and freedom to enjoy and use the Site as made available by Algebris.

8. The Site and the Contents are provided on an “as is” basis. Algebris and any other providers of the information expressly disclaim all warranties of any kind, express or implied, including, without limitation, any warranty of accuracy, merchantability, fitness for a particular purpose, or non-infringement. Although the information provided to you on the Site is obtained or compiled from sources we believe to be reliable, Algebris cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you or otherwise used on the Site for any particular purpose.

9. Algebris is not responsible for information on any third-party web site that is referred in, or accessible or connected by hyperlink to, the Site. If you access any third-party web site through the Site, or otherwise, you do so at your own risk. Hyperlinks to or from the Site do not constitute third-party endorsement of, sponsorship by or affiliation with us.

10. Neither Algebris, nor any of its members’ respective affiliates, directors, officers or employees, nor any third party vendor will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure, malfunction or interruption of the Site or any portion of it, or resulting from the act or omission of any other party involved in making the Site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the Site or the Contents, whether or not the circumstances giving rise to such cause may have been within the control of Algebris or of any vendor providing software or services support. Neither Algebris nor any of its members’ respective affiliates, shareholders, officers, employees, agents or representatives shall be liable for any indirect, incidental, exemplary, punitive, special or consequential damages arising out of or relating to the Site, the use of or inability to use the Site, or the Contents, even if such party has been advised of the possibility of such damages. In particular, Algebris will not be liable for any loss or damage caused by your reliance on information obtained through the Site.

11. Use of the Site shall be governed by and construed in accordance with the laws of the England and Wales.

Cookie & Privacy Policy

Cookie Policy

This cookie policy sets out how cookies are used on www.algebris.com. ‘Cookies’ are used on almost every website. They are small text files that are saved on your computer to help the website perform a number of functions. We use cookies for several reasons. For example, they allow us to keep you secure when you log in to your online account, provide online account application forms, monitor the number of people using our websites and help us understand more about the way in which people use our websites.
Cookies used by our websites
• Do not store any personally identifiable information about you or information such as passwords.
• Do not (and cannot) allow us to access other information stored on your computer.
• Do not store any information about you that others could understand, or in any way compromise your security.
• Do allow us to monitor the number of people using our websites and monitor their activities.
• Do allow us to see how people arrive at our site (e.g. search for ‘Algebris Investments’ on a search engine, or click on an email we have sent).
• Do allow us to gather technical information about people using our websites, such as their geographic location and the type of web browsers they are using.
• Do allow us to display adverts on other websites, to people who have previously accessed our websites. We cannot identify individuals to whom adverts may be displayed.
• Do allow us to display content on our websites more relevant to you and your preferences based on the information we hold and your behaviour on our websites.
• Do allow our websites to recall certain settings and preferences to make using our website easier. We cannot identify what your individual preferences or settings are.

Types of cookie used on our websites

Session cookies are temporarily stored on the user device and are deleted when the browser is closed. On Algebris’ website they are used to remember data that is useful for the browsing session, such as language settings.
Persistent cookies unlike session cookies, they don’t disappear at browser closure, but are stored until they expire on a specific date or after a set period of time. On Algebris website they are used to remember the jurisdiction selection and they are set to expire after 24 hours.
Third party cookies are released and installed on the user device by third party services used. Third party services include, but are not limited to Google Analytics, Google Maps, YouTube, and a number of news providers such as The Financial Times and Bloomberg.
We make use of all types of cookie in order to maximise the security of our services and to ensure you always get an optimal service from our websites. We do not use cookies to track your use of the internet after leaving our websites, nor do we store any information about you in cookies that others could read and understand.
How we classify the cookies we use
We use a system of classification developed by the International Chamber of Commerce. This allows us to classify the different types of cookies which we use on our websites and provide you with more information about why we use them.
Strictly necessary cookies are cookies that are essential in providing specific services you have requested from us. For example remembering information you have entered such as your jurisdiction and language settings when you navigate to different pages in a single web browsing session.
Performance cookies aim to improve our websites by collecting information about how you use our website. For example:
• Counting the number of visitors and how they move around our websites.
• Understanding what interests our users so that we can deliver the content and level of service you expect from us.
• Helping us to improve our websites by measuring errors experienced by users of our websites.
• Testing different designs or content on our websites.
Functionality cookies will typically be set because of an action you have taken on our websites but may also be set in the delivery of other services. For example saving preferences when using interactive share charts.
Promotional cookies collect information about your browsing in order to deliver promotions relevant to you and your interests as well as your IP address in order to determine your geographic location and for fraud filtering. They are usually placed by third party advertising networks. They remember that you have visited a website and this information is shared with other organisations such as media publishers.
These organisations do this in order to provide you with targeted adverts more relevant to you and your interests. This type of advertising can include targeting you based on what pages of our site you have visited and online behavioural advertising based on your browsing history.
We may from time to time use this type of cookie on our websites to deliver promotions relevant to you. Promotional cookies may also be used to limit the number of times you see a promotion as well as help measure the effectiveness of the promotion.

Our website uses Google Analytics, a web analytics service provided by Google, Inc. (‘Google’). The cookies used by Google Analytics are third party cookies referred to above, and help our websites analyse how you use the site. The information generated by the cookie about your use of our websites (including your IP address) will be transmitted to and stored by Google. Google will use this information to provide us with reports on website activity and other services relating to website activity. For more information about how Google uses your data please see Google’s Privacy & Terms.

Managing your cookies

Most web browsers allow you to manage cookies via the browser settings. For example you may choose to delete existing cookies, prevent your browser from accepting new cookies, have the browser notify you when you receive a new cookie or disable cookies altogether.
You can use the following links to find out more about managing these settings in your browser. If your browser is not listed below you can normally use the ‘Help’ functionality on your browser to find out about how it handles cookies.
• Cookie settings in Internet Explorer
• Cookie settings in Firefox
• Cookie settings in Chrome
• Cookie settings in Safari web
• Cookie settings in iOS
You can also opt out of receiving targeted advertisements by visiting the NAI website opt-out page here: http://www.networkadvertising.org/choices/ or the DAA opt-out page here: http://www.aboutads.info/ or, for EU users, the EDAA opt-out page here: http://youronlinechoices.eu/.
To provide website visitors with more choice on how their data is collected by Google Analytics, Google have developed the Google Analytics Opt-out Browser Add-on which can be found here. The add-on communicates with the Google Analytics JavaScript (ga.js) to indicate that information about the website visit should not be sent to Google Analytics. The Google Analytics Opt-out Browser Add-on does not prevent information from being sent to the website itself or to other web analytics services.
By using our websites you are agreeing to the placement of cookies on your computer.

Changes to this Cookie Policy

We reserve the right to revise or supplement this Cookie Policy from time to time. You should bookmark and periodically review this page to ensure that you are familiar with the most current version of this Cookie Policy and so you are aware of what the cookies on our websites are used for. You can determine when this Cookie Policy was last revised by checking the “Date of last update” legend at the top of this Cookie Policy.
Date of last update: 8 May 2017

Privacy Policy

Algebris is committed to safeguarding the personal information which you may provide to Algebris through this site and to the extent that Algebris collects any personal information, Algebris will hold it in confidence in accordance with the Data Protection Act 1998.
You may be asked to voluntarily provide certain personal information details about you such as your name, address, telephone number, email address details and other information in connection with Algebris’ customer registration procedures. Algebris will use this information for the administration and servicing of your investments and other related activities and to ensure compliance with its obligations under the UK regulatory regime. Algebris may disclose the information to its agents and service providers.
Please note that by submitting personal information you are consenting to such information being processed for the purposes referred to above. You agree that Algebris has the right to use and store such data on its internal systems and to transfer it to its associated companies (if applicable), whether inside or outside the European Union, for the purpose of providing services to you. You should also be aware that the level of protection in relation to the processing of personal data may not be the same in countries outside the European Union as in the United Kingdom.

Algebris Investments (UK) LLP is Authorised and Regulated by the Financial Conduct Authority.

Public Regulatory Disclosures

Algebris Investments (UK) LLP

Introduction

In 2006, the Basel II capital accord revised the existing regulatory capital framework to make it more sensitive to the risk management practices of modern banks and investment firms. The European Union implemented these provisions via the Capital Requirements Directive (‘CRD’), which consists of a three pillar framework:

• Pillar 1 – sets out the minimum capital requirements firms will be required to hold in order to meet credit, market and operational risk.
• Pillar 2 – firms and supervisors have to take a view on whether a firm should hold additional capital against risks not covered in Pillar 1 and must take action accordingly.
• Pillar 3 – aims to improve market discipline by requiring firms to publish certain details of their risks, capital and risk management.
The United Kingdom financial regulatory body, the Financial Conduct Authority (‘FCA’) has incorporated the new framework into its existing rules and guidance through the General Prudential Sourcebook (‘GENPRU’) and the Prudential Sourcebook for Banks, Building Societies and Investment Firms (‘BIPRU’).

• BIPRU 11 relates specifically the Pillar 3 disclosure requirements affecting firms subject to the CRD. This document discloses those requirements, as laid out in BIPRU 11.5, detailed below:
• BIPRU 11.5.1R – the risk management objectives and policies for each separate risk referred to under BIPRU 11.5.1R to 11.5.17.
• BIPRU 11.5.2R – the scope of application of directive requirements.
• BIPRU 11.5.3R – information regarding capital resources.
• BIPRU 11.5.4R – information regarding compliance with the BIPRU rules and the overall Pillar 2 rule.
• BIPRU 11.5.12R – regarding disclosures relating to market risk.

Information which is regarded as proprietary or confidential, or immaterial, is not included. Information should be considered as material if its omission or misstatement could change or influence the assessment or decision of a user relying on it to make economic decisions. Proprietary or confidential information could include information which, if shared with competitors, would render a firm’s investments less valuable or if the information comprises obligations to customers or other counterparty relationships binding a firm to confidentiality.

Scope of application of directive requirements
The Pillar 3 disclosures set out in this document pertain to Algebris Investments (UK) LLP (‘the firm’), an FCA registered limited licence BIPRU investment firm.

The firm is a subsidiary of Algebris Investments Limited (‘Algebris LTD’), which is a wholly owned subsidiary of Algebris Investments Luxembourg SARL, neither of which are regulated.

Following the implementation of the Alternative Investment Fund Managers Directive (“AIFMD”) on 22 July 2013, Algebris, taking advantage of the AIFMD’s transitional arrangements, has applied for and been approved by the FCA as an Alternative Investment Fund Manager (“AIFM”). Algebris has been in Compliance with all AIFMD requirements since 22 July 2013. This means that, in addition to having to meet regulatory capital requirements based upon the retention of sufficient regulatory capital to meet an expenditure based requirement, Algebris is also subject to a capital requirement based upon its Assets Under Management. Although, as an AIFM, Algebris is subject to the capital requirements of the AIFMD, it continues to be categorised as a BIPRU Firm and is still subject to the Pillar 3 Disclosure Requirements.

For the purposes of the CRD, the firm is neither consolidated nor deducted from Algebris LTD as per BIPRU 8.5.

There are no current or foreseen material practical or legal impediments to prompt the transfer of capital resources or repayment of liabilities between the parent undertaking and its subsidiary undertakings. The firm’s capital resources are in excess of the required minimum and it is not affected by a solo consolidation waiver.
Risk management objectives and policies
The firm is governed by its Members who determine its business strategy and risk appetite. They are also responsible for establishing and maintaining the firm’s governance arrangements, along with designing and implementing a risk management framework that takes into account the risks that the firm is likely to meet. The firm also addresses how these risks should be mitigated and managed.

BIPRU 11.5.4-17 lists several risk categories for which the risk strategy must be disclosed. From those listed, the firm has identified credit, market and operational risks as currently applicable to its business. All risks identified are reviewed regularly as part of the firm’s internal capital adequacy assessment process (ICAAP). Any perceived changes to these risks are acted upon promptly.

Credit Risk
The firm is exposed to credit risk through its cash deposits, trade debtors, intercompany balances prepayments, amounts due from member’s, and the Firm’s monthly management fees.

The firm will hold all cash with banks with whom the firm has strong, well-established relationships and who typically have a minimum Moody’s or S&P rating of investment grade. It does not have any external investments.

The firm uses the standardised approach to calculating credit risk exposures, i.e. 8% of the risk weighted credit exposure. Under this approach the firm calculated its total credit risk to be £488,740.

Market Risk
Market risk is limited only to foreign exchange risk arising from a currency mismatch between the firm’s management fees and functional currency. The management fee is converted to Sterling immediately upon receipt, limiting the exposure to less than three weeks. As the currencies involved are highly liquid (Sterling, Dollar and Euro), and the potential fluctuations relatively small, the firm does not believe it is necessary to hedge this exposure.

The firm uses the standardised approach to calculating market risk exposures, i.e. 8% of the risk weighted market exposure. Under this approach the firm calculates its total market risk to be £787,620.

Operational Risk
The firm has in place a companywide risk management framework which outlines responsibilities and escalation procedures for the identification and management of risks, as outlined in the risk policy. As part of this risk management framework, the firm explicitly considers whether each identified key operational risk should be ‘taken’ (i.e. accepted with no changes to business processes and controls)’, ‘treated’ (i.e. its impact or likelihood of occurrence reduced by improvements in the control environment) or ‘transferred’ (i.e. insured). The responsibility for ensuring that operational risk management is performed in line with this ‘take, treat or transfer’ approach rests with the Board of the firm.

The driver of the Pillar II capital is operational risk. The Operational Risk has been calculated using the Standardised Approach, as per, BIPRU 6.4. The firm has calculated that its Pillar II Operational Risk is £569,283.

Fixed Overhead Requirement
The Firm has determined the Fixed Overhead Requirement (FOR) to be £1,591,066. The Firm has determined that the actual costs associated with a wind down to be £638,489, which is less than those determined in the FOR calculation.

Capital Resources
The total value of tier 1 capital resources as at 31 December 2015 was £4,678,002. £530,076 of upper tier 3 capital was held. The Firm’s total capital resources were therefore £5,208,078 as at 31 December 2015. There were no deductions relating to material holdings in financial institutions.

The Pillar I Requirement
The Firm’s base capital requirement is €50,000. The Firm bases its Pillar I capital requirements as the fixed overhead requirement, as this amount is higher than both the sum of the credit risk and market risk, and the base capital requirement. The firm’s total Pillar I liquid capital requirement is therefore £1,591,066.

The Pillar II Requirement
The firm has calculated that £569,283 of capital should be held against Pillar II Operational Risks.

Total Capital Requirement
The Firm bases its Total Capital Requirement calculation on the Pillar I Plus approach. The sum of the individual Pillar I and Pillar II Capital Requirements is £2,160,349. This is greater than the cost of a wind down, and thus reflects the Firm’s Total Capital Requirements.

The Firm holds £3,047,729 of surplus Capital.

UK Stewardship Code Disclosure Statement
Under COBS 2.2 of the FCA Handbook, all FCA authorised firms are required to make a public disclosure in relation to the nature of their commitment to the above Code (“the Code”), which was published by the Financial Reporting Council (“FRC”) in July 2010.

The Code aims to enhance the quality of engagement between institutional investors and the companies they invest in with the intention of improving long term returns for shareholders and the efficient exercise of governance responsibilities. The FRC recognises that not all parts of the Code will be relevant to all institutional investors and that smaller institutions may judge some of the principles and guidance to be disproportionate. Firms may either comply with the Code or choose not to comply with certain aspects of the Code, in which case an explanation of non compliance is required. If a firm does not commit to the Code, it must state, in general terms, its alternative investment strategy.

On behalf of the funds that it manages, the Firm invests in securities issued in, but not limited to the entirety of the European Union. The Code is therefore applicable only to some aspects of the firm’s trading (UK equities), but this represents just a small proportion of the firm’s business. At times, the funds may hold no UK equities. Although the firm supports the Code’s objectives, the firm has taken the decision not to commit to the specific principles of the Code.

The Firm invests in various asset classes and jurisdictions globally. The current policy of the Firm in engaging with issuers and their management is determined by the Chief Investment Officer and the investment team. The Firm takes a consistent approach to engaging with the issuers and their management in all the jurisdictions the Firm invests in. It is therefore not deemed appropriate to comply with any voluntary codes of practice in individual jurisdictions.

FCA Remuneration Code (the “Code”)
The Firm is a proportionality level three firm, as described in the FCA’s General Guidance on Proportionality dated September 2012, for the purpose of the Code. The other entities within the UK consolidation group of which the firm is a member are not considered relevant for the purpose of the disclosure requirements of BIPRU 11.5.18R in view of the limited nature of their activities (they are however subject to the Code’s provisions). This disclosure relates to the 12 month period ended 31 December 2015.

The remuneration policy is the responsibility of the Firm’s Board. The Board oversees the remuneration governance framework and ensure that remuneration arrangements are consistent with, and promote, effective risk management (the agency nature of the business of the firm does not place its balance sheet directly at risk).

The Board considers remuneration in the context of a wider agenda including retention, recruitment, motivation and talent development and the external market environment. The Board also receives updates on regulatory developments and general remuneration issues, as well as market and benchmarking data.

The Board sets and monitors the remuneration policy standards and monitors compliance with them. The amount and composition of the total remuneration paid is determined under this policy.
Information on the link between pay and performance

The various components of total remuneration (which comprise base salary, variable bonus and benefits) are considered and are balanced appropriately having regard to the role fulfilled by each particular individual.

Firm and individual performance are the significant contributors to the determination of variable bonus awards. The principal objective in determining variable bonus awards is to reward individual performance whilst ensuring that such payments are warranted given business results. In this context performance can include financial and non-financial measures, risk measures and other relevant factors. There is a focus on differentiation so that any rewards are determined according to the contribution of individuals. Bonus pools and individual awards are subject to the governance of the Board and it is possible that in any year no variable bonus will be awarded.

There are deferral arrangements in place the purpose of which is to support a performance culture where employees recognise the importance of sustainable (and sustained) firm and individual performance. The payment of a significant proportion of the performance award for those in receipt of a variable compensation award above a level set at the discretion of the Board may be required to be deferred and the sum involved invested in funds managed by the firm which vest at a future point in time. This arrangement encourages sound risk management whilst aligning the longer-term interests of participants with those of investors.

Quantitative information on remuneration
The Firm considers that it has a single business area (investment management). The aggregate remuneration of the individuals engaged in this business area for the period was £6,554,149, which is comprised of 31 individuals. This includes the aggregate remuneration of £6,160,329 of its Remuneration Code Staff, which is comprised of 16 individuals each of whom performs a significant influence function. The latter figure includes the aggregate remuneration of individuals who ceased to become Remuneration Code Staff during the year to 31 December 2015.