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.

Kundeninformationen nach § 12 der Verordnung über die Finanzanlagenvermittlung

1. Name und Anschrift

Pemberton Asset Management GmbH
Geschäftsführer: Jürgen Breuer
Goethestraße 5
60313 Frankfurt am Main
Tel.: 069 9760 998 10
Fax: 069 9760 998 29

2. Tätigkeitsart

Gemeldet bei der IHK Frankfurt am Main als Finanzanlagenvermittler mit einer Erlaubnis nach § 34f Abs. 1 S. 1 Nr. 1, Nr. 2 der Gewerbeordnung (GewO).

3. Gemeinsame Registrierstelle nach § 11a Abs.1 GewO und Eintragung in das Vermittlerregister

Deutscher Industrie- und Handelskammertag (DIHK) e.V.
Breite Straße 29
10178 Berlin
Telefon: 0180 600 58 50
(Festnetzpreis 0,20 €/Anruf; Mobilfunkpreise maximal 0,60 €/Anruf)
www.vermittlerregister.info
Die Eintragung im Vermittlerregister (www.vermittlerregister.info) kann unter folgenden Registrierungsnummern abgerufen werden:

D-F-125-P4T3-00

4. Erlaubnisbehörde

Industrie- und Handelskammer Frankfurt am Main
Börsenplatz 4
60313 Frankfurt am Main
www.frankfurt-main.ihk.de

5. Emittenten und Anbieter

Die Pemberton Asset Management GmbH bietet Vermittlungsleistungen zu den Finanzanlagen folgender Emittenten und Anbieter an:

  • Pemberton Capital Advisors LLP
    52 Grosvenor Gardens
    London SW1W 0AU
    United Kingdom
    Registered in England No. OC359656.
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UK Stewardship Code Disclosure Statement

Under COBS 2.2.3 of the Financial Conduct Authority (FCA) Handbook, Pemberton Capital Advisors LLP (“PCA”) is required to make a public disclosure in relation to the nature of our commitment to the UK Stewardship Code (the “Code”).

The Code aims to enhance the quality of engagement between institutional investors and companies to help improve long-term returns to shareholders and the efficient exercise of governance responsibilities. It sets out good practice on engagement with investee companies and is to be applied by firms on a “comply or explain” basis.

The Financial Reporting Council (“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. It is of course legitimate for some asset managers not to engage with UK listed companies, depending on their investment strategy, and in such cases firms are required to explain why it not appropriate to comply with a particular principle.

Whilst PCA supports the objectives of the Code, it does not currently “manage investments” as specified in article 37 of the Regulated Activities Order (Managing investments) and, as such, the provisions of the Code are not relevant to the type of activities currently undertaken by PCA.

Should this position change, PCA will review its commitment to the Code at that time and make the appropriate disclosure.

Modern Slavery Act transparency statement

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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 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

    • 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.

 

Sustainable Finance Disclosure Regulation (“SFDR”):

The European Union’s new Sustainable Finance Disclosure Regulation (SFDR, EU Regulation 2019/2088) – also known as the ESG Disclosure Regulation comes into effect in March 2021. The SFDR maintains the requirements for financial market participants and financial advisers to act in the best interest of end investors, including but not limited to, the requirement of conducting adequate due diligence prior to making investments. To comply with their duties under those rules, financial market participants and financial advisers will have to integrate in their processes, including in their due diligence processes, and should assess on a continuous basis not only all relevant financial risks but also all relevant sustainability risks that might have a relevant “material negative impact” on the financial return of an investment or advice. Therefore, financial market participants (such as the AIFM) should specify in their policies how they integrate those sustainability risks (as defined below), where applicable. As such, the AIFM will take into consideration certain environmental, social and governance aspects (“ESG Factors”) when assessing the suitability of prospective borrowers.

 

Integration of sustainability risk

 Sustainability risk within the meaning of SFDR is an environmental, social or governance event or condition that, if it were to occur, could cause an actual or a potential material negative impact on the value of the investment made by an AIF.

The AIFM integrates sustainability risk, across several categories of risks that could cause an actual or potential material negative impact on the value of an investment, as part of its investment decision-making process and if possible, risk-monitoring process with respect to the AIFs it manages. In its risk assessment for the AIFs managed by the AIFM, the AIFM may take into consideration risks in relation to the ESG Factors, such as physical risk, reputational risk, financial risk, concentration and regulatory risk. These risk factors will be incorporated in the day-to-day risk management of the AIFM over time as relevant data sources develop.

Where appropriate for an investment, the AIFM may conduct sustainability risk-related due diligence and/or take steps to mitigate sustainability risks and preserve the value of the investment.

The AIFM applies a two-step approach when integrating sustainability risks in its investment decision process, as summarised below.

Firstly, the prospective borrower, being the counterparty to a portfolio investment of an AIF, is not permitted to operate in certain sectors, such as tobacco production, pornographic or violent material, payday lenders, pawn brokers or gold purchasers, certain animal testing, production or sale of weapons, sanctioned industries or operate in countries with oppressive regimes. This procedure is referred to as elimination through “Negative Screening”. The AIFM is bound to take investment decisions according to the borrower’s eligibility subject to the Negative Screening. Where relevant Pemberton’s ESG Committee will be requested to provide advice to the AIFMs Investment Committee in relation to this Negative Screening process.

Secondly, the AIFM will conduct a written due diligence on the prospective borrower to assess their adherence to certain ESG Factors, referred to as “Positive Screening”. The AIFM is, however, not bound to take investment decisions based solely on the outcome of the Positive Screening.

Further information on the way sustainability risks are integrated into investment decisions is available to investors in the AIFs at the registered office of the AIFM or Pemberton Capital Advisors LLP.

 

No consideration of principal adverse impact (PAI)

Principal adverse impacts (PAI) are those impacts of investment decisions and advice that result in negative effects on ESG Factors. For the time being, the AIFM does not consider the adverse impacts of its investment decisions on ESG Factors, within the meaning of Article 4(1)(a) of SFDR. The AIFM does not currently do so because, among other reasons, the draft Regulatory Technical Standards which set forth the scope of “principal adverse impacts” and the corresponding mandatory reporting template are not yet final, which makes voluntary compliance with Article 4(1)(a) challenging. The AIFM’s position on this matter will be reviewed at least annually.

Neither the AIFM nor the AIFs managed by it promote environmental/social characteristics or pursue any sustainable investment objective within the meaning of Article 8, respectively 9 of SFDR.  The portfolio of the AIFs managed by the AIFM can therefore be composed of investments that do not meet all or any of the ESG Factors considered during the Positive Screening. However, an AIFs’ portfolio will not include any investments that are considered ineligible subject to the Negative Screening criteria. The latter would include investments exclusion required by law.

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

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.