Acknowledgement of complaints
Whether you complain during a telephone conversation or meeting, or in a letter, email or other communication, we will record your concerns and pass the details to our Compliance Officer for investigation. You will receive an acknowledgement from the Compliance Officer within five business days, giving you the name of the person who will handle your complaint.
Investigation and Resolution
The Compliance Officer will investigate your complaint and attempt to resolve it as quickly as possible. You may be asked to provide additional information to assist in this process.
Within four weeks of making the complaint you will receive either a final response or a holding response indicating when you may expect a final response from us.
Within eight weeks of making the complaint you will receive either a final response or a letter explaining why we are still not in a position to make a final response and when this can be expected. We only have dealings with Professional Clients and Eligible Market Counterparties so we are exempt from the right to use the Financial Ombudsman Service which applies only to “eligible complainants”. We aim always to resolve complaints within eight weeks; it should only take longer than this if we have to request further information from you or from a third party to establish all the facts.
The final response will set out the facts that have been established during the investigation.
The policy
PCA prohibits the offering, the giving, the solicitation or the acceptance of any bribe, whether cash or other inducement:
- to or from any person or company, wherever they are situated and whether they are a public official or body or private person or company
- by any individual partner, employee, consultant, agent or other person or body acting on PCA’s behalf
- in order to gain any commercial, contractual or regulatory advantage for PCA in a way which is unethical
- or in order to gain any personal advantage, pecuniary or otherwise, for the individual or anyone connected with the individual.
Further clarification
PCA recognises that market practice varies across the territories in which it does business and what is normal and acceptable in one place may not be in another.
This policy prohibits any inducement which results in a personal gain or advantage to the recipient or any person or body associated with the recipient, and which is intended to influence them to take action which may not be solely in the interests of the Partnership or of the person or body employing or contracting with the recipient or represented by the recipient.
This policy is not meant to prohibit the following practices providing they are customary in a particular market, are proportionate and are properly recorded:
- normal and appropriate hospitality; and
- the giving of a gift for a corporate reason or at another special time, as long as this is reported in the proper manner within the firm on the Gifts Register maintained by the Compliance Officer.
Inevitably, decisions as to what is acceptable may not always be easy. If anyone is in doubt as to whether a potential act constitutes bribery, the matter should be referred to the Managing Partner of PCA before proceeding. If necessary, guidance should also be sought from the Compliance Officer.
Partners, consultants and principles responsibility within PCA
The prevention, detection and reporting of bribery is the responsibility of all partners, employees and consultants throughout the partnership. Suitable channels of communication by which consultants or others can report confidentially any suspicion of bribery will be maintained via the Anti-Corruption Reporting procedures.
UK Stewardship Code Disclosure Statement
Pemberton Capital Advisors LLP
UK Stewardship Code Disclosure Statement
The UK Stewardship Code (the “Code”)
The Code was published by the Financial Reporting Council (the “FRC”) and sets high stewardship standards for those investing money on behalf of UK savers and pensioners, and those that support them, including asset owners and asset managers. The FRC defines stewardship as “the responsible allocation, management and oversight of capital to create long-term value for clients and
beneficiaries leading to sustainable benefits for the economy, the environment and society”.
For asset managers, the Code is comprised of 12 Principles which sit beneath four broad topics: purpose and governance, investment approach, engagement and exercising rights and responsibilities.
Application of the Code to Pemberton Capital Advisors LLP (“PCA”)
Under COBS 2.2.3(R) in the Financial Conduct Authority Handbook, PCA is required to disclose the nature of its commitment to the Code and, should it not commit to the Code, it’s alternative investment strategy.
Whilst PCA supports the objectives of the Code, it is not a signatory of the Code and PCA follows its own approach to stewardship. Therefore, as required by the COBS rules, PCA’s alternative
investment strategy is explained below.
PCA may review its position in relation to the Code from time to time. Should this position change, this disclosure will be updated accordingly.
PCA’s Alternative Investment Strategy
PCA (together with its affiliated companies, “Pemberton”) is a European private credit manager which combines both asset management and banking expertise in a direct lending platform providing a range of financing solutions for borrowers and risk-reward options for investors. Pemberton aims to provide financing for companies across their capital structures from short-term working capital solutions through to longer tenor, senior debt, first lien, second lien, unitranche and preferred debt.
As a private credit manager, the nature of the investments managed by PCA means it is not ordinarily in a position to apply the Code as envisaged by the FRC. For example, due to the alternative
investment strategy typically pursued, PCA will often have limited or no voting rights or other powers to intervene in or influence the ordinary operations of borrowers.
Although PCA does not formally commit to the Code, PCA supports the objectives of the Code and looks to apply the principles of the Code, as appropriate, taking into account PCA’s alternative investment strategy and having regard to relevant regulatory and legal frameworks.
Pemberton Asset Management S.A. is a signatory of the UN Principles for Responsible Investment
(“PRI”) and is committed to the PRI’s six principles. This commitment is reflected in Pemberton’s ESG policy which applies on a group-wide basis, including to PCA.
Updated: 23/05/2024
Pemberton Asset Management S.A.
Système d’indemnisation des investisseurs Luxembourg (SIIL, Investor Compensation Scheme Luxembourg)
Pemberton Asset Management S.A. (the “AIFM”) is a member of the Luxembourg investment compensation scheme (“SIIL”). Please note that SIIL is only available to so-called “eligible investors”. For more information please see: https://www.cssf.lu/en/protection-of-depositors-and-investors/
Complaints:
Making a complaint
The AIFM maintains a procedure to deal with complaints. If you are a potential, existing or former (professional) client of the AIFM and would like to express any dissatisfaction about the provision of, or failure to provide a financial service, portfolio management, marketing of products or redress concerning a financial loss, material distress or material inconvenience suffered – you can make a complaint by contacting your relationship manager or the PAMSA Compliance Conducting Officer (Helen Dewar) by sending an email to Luxembourg@pembertonam.com.
How we handle your complaint
We will inquire into the facts surrounding any complaint and will endeavour to resolve it without delay.
We will acknowledge the complaint within ten (10) business days of receipt and will aim to provide an answer to the complainant within one (1) month of receipt of the complaint or advise of the cause of an eventual delay.
Out of Court Resolution of Complaints by the CSSF
Should you remain unsatisfied with our response within the period referred above, you can address within one (1) year of the initial complaint filed with us, a complaint to the Luxembourg financial sector regulator, the CSSF, as follows:
- by filling in the online complaint form where all relevant documents can be attached (please consult CSSF website below for the form); or
- by sending the completed complaint form (PDF) (please consult CSSF website below for the form):
- either by simple mail to the following address:
Commission de Surveillance du Secteur Financier
Département Juridique CC
283, route d’Arlon
L-2991 Luxembourg
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- by fax using the following number: (+352) 26 25 1-2601; or
- by e-mail at the following address: reclamation@cssf.lu
Further information can be found on: https://www.cssf.lu/en/customer-complaints/
Voting rights policy:
The AIFM has adopted a voting rights procedure which aims to ensure the consistent exercise of voting rights associated with the investments held, directly or indirectly, by AIFs managed by the AIFM (each an “AIF”), in the best interests of the AIFs and their investors and in accordance with the investment strategy of each AIF.
Voting rights will be exercised with care, skill, prudence and diligence.
The AIFM (or the portfolio manager) will exercise its independent judgement when making voting decisions so as to best serve the AIF and its investors’ interests and to ensure adequate identification of actual or potential material conflicts of interest. The AIFM aims to adopt an appropriate and effective strategy for determining when and how any voting rights in portfolios assets held by AIFs are to be exercised, to the exclusive benefit of the relevant AIF and its investors as further described in the voting rights procedures. The AIFM may grant proxies to vote to third parties. The AIFM takes into account a minimum percentage holding under which it may deem that it is in the best interest of the AIFs not to exercise the voting rights.
Taxonomy Regulation – disclosure
The investments underlying our financial products do not, at present, take into account the EU criteria for environmentally sustainable economic activities.
The AIFM has adopted an ESG Policy, as well as a Remuneration Policy. The AIFM’s Remuneration Policy includes fixed and variable remuneration components. Variable remuneration takes into consideration personal and firm performance and thus requires appropriate management of possible risk-taking incentives. Compliance with the AIFM’s policies and procedures, including related to the integration of sustainability risk in the investment decision-making process, is a key element of the overall assessment of variable remuneration.
Where the AIFM’s approach in relation to the ESG Factors, or how these are considered during the investment decision making process, changes, the AIFM will provide the updated disclosure as well as an explanatory statement on its website at www.pembertonam.com.
Trading Disclosure
In accordance with section 560 of CSSF circular 18/698, Article 65 of EU Regulation 2017/565 Pemberton Asset Management is required to disclose on an annual basis, for each class of financial instrument the top five investment firms in terms of trading volumes where they transmitted or placed client orders for execution in the preceding year and information on the quality of execution obtained.
In relation to foreign exchange our panel consists of:
- Northern Trust
- State Street Bank
- Credit Agricole
- Westpac
- Royal Bank of Canada
The foreign exchange market is one of the most liquid and sizeable markets in the world, with many competing market makers and prices moving within milliseconds. As soon as an order has been executed the price has moved. Transactions in the wholesale foreign exchange market attract no direct fees; the bid/offer spread determines the price for participation.
The FX Global Code of Conduct (the “Code”) is a set of principles of good practice for foreign exchange market participants covering ethics, governance, execution, information sharing, risk management and compliance, and confirmation and settlement processes. Our FX manager has signed a Statement of Commitment to the FX Global Code, and it will conduct all aspects of its business in a manner consistent with the Code, in particular with respect to execution, but equally with respect to the other principles.
