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Investment Policy Statements and reviewing your investments James Brennan, Chartered MSCI 18 th June 2012.

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Presentation on theme: "Investment Policy Statements and reviewing your investments James Brennan, Chartered MSCI 18 th June 2012."— Presentation transcript:

1 Investment Policy Statements and reviewing your investments James Brennan, Chartered MSCI 18 th June 2012

2 2 Agenda Apostleship of the Sea Investment Policy Statements The review process Conclusion

3 3 Apostleship of the Sea (AoS) Founded in 1922 Providing frontline support to seafarers 13 Chaplains covering UK ports In 2010 we... Visited 9,547 Ships Assisted 190,940 seafarers We are reliant on voluntary contributions

4 4 Why did we review? Received a large single legacy about 9 times what we would normally get in a single year Desire for increased income in order to do more for our beneficiaries Undertaken as part of a broader review to include cash management and banking Review to be led by Finance and Investment Sub-committee (Four) who were empowered to carry out the review and implement changes

5 5 Part 1 – Investment Policy Statement Reviewed our existing Investment Policy Statement (IPS) Was it still relevant? Was it aligned with our objectives? (Income/Ethical etc.) Rewrote it IPS is the rulebook for your investment manager Keep it simple and concise Charity Finance Group/Charity Investors Group Guidance

6 6 Part 2 – Manager Survey Surveyed 12 Managers to include incumbents Questionnaire - What was important to us? Performance Fees Service Asked for a ten page response – no more

7 7 Part 3 – Deciding the shortlist Collated the nine responses – with a scoring system Also made notes on all managers upon “softer” issues We discussed the results and decided on a shortlist of four

8 8 Part 4 – The beauty parade Each manager given 20 minutes to present and 20 minutes for questions and answers. 15 minute gap between each presentation. Allowed an hour afterwards for a discussion. Decision made on the day

9 9 Conclusion Investment Policy Statement must be the starting point An investment sub-committee streamlined the process If necessary seek professional advice

10 Questions? James Brennan Business Development Director - Rathbones james.brennan@rathbones.com 0207 399 0359

11 11 % Source: Rathbones as at 31/03/12; performance shown is that of the Rathbones Total Return Portfolio Fund & Strategic Growth Fund, bid-to-bid, net of fees. Launch date 10/06/09. Past performance is not a guide to future performance Performance – Rathbone Absolute Return Funds Total Return (LIBOR+2%) and Strategic Growth (CPI+5%)

12 12 Segregated portfolio fee structure Up to £1 million:0.70% £1 to £5 million:0.60% £5 to £10 million:0.50% £10 to £30 million:0.40% Our charges include: Trustee meetings, seminars, workshops and training sessions Use of our offices in London and nationwide for trustee meetings Full nominee and safe custody facility Full administration and reporting Online access to portfolio valuations and cash transaction history There are no dealing charges – and Rathbones will absorb all commission paid to any broker acting as agent for all transactions We believe in clean and transparent fees

13 Active Income Fund for Charities 0.50% Annual Management Charge; no initial charge Capped Total Expense Ratio of 0.70% (at most) Objective of delivering CPI + 4% (gross) on a three year rolling basis Part of which will be in the form of a sustainable yield – currently c.3.3% Active asset allocation Simplified administration One line of stock Income distributed quarterly (accumulation units also available) Quarterly reporting, monthly commentary Daily dealing No direct investment in companies with more than 20% of their turnover from tobacco, gambling, prostitution or pornography Direct access to fund manager 13 A pooled fund alternative to a segregated portfolio; same team, same level of service, same investment approach Aiming to repeat earlier success

14 14 Ethical investing Our commitment to responsible investment: Signatory to the UN Principles for Responsible Investment Signatory to the Carbon Disclosure Project Long-standing member of the UK Sustainable and Investment Finance Association Long-standing member of the Ecumenical Council for Corporate Responsibility Founding endorser of the Forest Footprint Disclosure Project Regular engagement by Rathbone Greenbank (ethical specialists based in Bristol) Constituent company in the FTSE4Good index Strong ethical resource – in keeping with the company’s roots

15 15 Rathbones’ charity team Collegiate approach - no single man risk and no capacity issues Will McIntosh-Whyte Investment Manager Alex Turnbull Investment Director James Pettit Investment Manager Alex Dow Investment Director Julian Rathbone Investment Director Ivo Clifton Head of Charities Adrian Maxwell Investment Manager Georgina Hand Investment Director Gary Street Investment Director Christopher Godfrey-Faussett Investment Director Jenna McCabe Charity Marketing Dick Boddie Investment Manager A growing team – three joiners in recent years

16 16 Ivo Clifton – Head of CharitiesDirect Line:020 7 399 0338 Ivo Clifton is head of the charities team. He joined Rathbones after graduating from Edinburgh University in 1991 and qualified as a Fellow of the Securities Institute in 1995. Ivo was appointed an investment director of Rathbone Investment Management Limited in 1999 and to the executive committee in 2006. He specialises in the management of charity and private client portfolios and is a member of the Charity Law Association and the Charity Finance Directors Group. James Brennan – Business Development DirectorDirect Line:020 7 399 0359 James joined Rathbones from Barings, where he spent four years building their UK Charity business with a focus upon absolute return mandates. James has previously worked at Collins Stewart, CCLA and Coutts all in charity focused roles and has fifteen years of investment experience. James is a chartered member of the Chartered Securities Institute, a Charity Trustee and a founder member of the Charity Trustees Investors Association. James Codrington – Investment Director Direct Line:020 7 399 0006 James joined Rathbones from Barings, where he was Head of Charities for ten years, with a focus upon absolute return mandates, and where he managed the Targeted Return Common Investment Fund, one of the fastest growing charity funds in recent years. James previously worked at Deutsche Asset Management, Lazard Brothers and Teather and Greenwood, all in charity investment roles. From 1988 to 1994, he served in the British Army. James has an MA (First Class) in Modern History from Oxford University, has written numerous articles on absolute return in the charity press and is a regular speaker at charity events and investment conferences. Your team

17 17 Recognition and awards We are proud of our reputation and of the awards we have won in recent years. Below we have highlighted a number of the awards we have won and been shortlisted for since 2007: Investors Chronicle/FT Winner of the ‘Best Wealth Manager for Alternative Investments 2012’ Investment Week Winner of the ‘Discretionary Company of the Year – Collectives Research 2011’ Citywealth Nominated for the ’Citywealth Awards 2010’ Investors Chronicle/Financial Times Wealth Management Awards Shortlisted for ‘Best Wealth Manager for Charities 2009’ Shortlisted for ‘Best Wealth Manager 2008’ Shortlisted for ‘Best Charity Fund Manager 2008’ Charity Times Awards Winner in 2008 and 2009 of ‘Investment Management Award’ (in partnership with the Charity Commission and the Community Foundation) PWM/The Banker Private Banking Awards Highly commended for ‘Best Private Bank for Innovation 2009’ Liverpool Business Awards Winner of the ‘Financial Services Award 2009’ North West Top 100 Brands Winner of ‘Top Professional and Business Services 2007’ ’

18 18 Asset g rowth, £m The growth in charity funds under management includes organic growth and new funds. The graph is not a measure of investment performance. Source: Rathbones as at 31/12/11. Growth of our charity business £150m of new mandates won in 2011

19 19 11 UK locations Around 180 Investment professionals Rathbones: about us One of the UK’s largest and longest-established providers of high quality, personalised discretionary investment management services for individuals and trustees An independently-owned FTSE 250 company £15.85 billion in funds under management of which £1.7 billion are charitable funds managed on behalf of over 1,000 UK charities Around 200 investment professionals in eleven UK locations Low staff turnover amongst investment management staff The majority of staff are shareholders in the firm Source: Rathbones as at 31/12/11.

20 20 Rathbone Investment Management Head office 1 Curzon Street London W1J 5FB Tel 020 7399 0000 1 Albert Street Aberdeen AB25 1XX Tel 01224 218 180 1 Northgate Chichester West Sussex PO19 1AT Tel 01243 775 373 Port of Liverpool Building Pier Head Liverpool L3 1NW Tel 0151 236 6666 Temple Point 1 Temple Row Birmingham B2 5LG Tel 0121 233 2626 28 St Andrew Square Edinburgh EH2 1AF Tel 0131 550 1350 Fiennes House 32 Southgate Street Winchester Hampshire SO23 9EH Tel 01962 857 000 10 Queen Square Bristol BS1 4NT Tel 0117 929 1919 The Senate Southernhay Gardens Exeter EX1 1UG Tel 01392 201 000 Rathbone Greenbank Investments (Specialist ethical investment service) 10 Queen Square Bristol BS1 4NT Tel 0117 930 3000 North Wing City House 126-130 Hills Road Cambridge CB2 1RE Tel 01223 229 229 The Stables Levens Hall Kendal Cumbria LA8 0PB Tel 01539 561457 Jenna.McCabe@rathbones.com www.rathbones.com

21 21 The value of investments and the income from them may go down as well as up and you may not get back your original investment. Past performance should not be seen as an indication of future performance. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Information valid at date of presentation. Tax regimes, bases and reliefs may change in the future. “Independent” – shall be construed to refer to the basis of Rathbones’ ownership as a corporate entity, and not to our use of Non-Life Packaged Products for our Advisory or Non-Discretionary Investment Management clients (and “Independence” shall have an appropriate meaning accordingly). Issued and approved by Rathbone Investment Management Limited which is authorised and regulated by the Financial Services Authority. Registered office: Port of Liverpool Building, Pier Head, Liverpool, L3 1NW, Registered in England No. 1448919. Rathbone Unit Trust Management is authorised and regulated by the Financial Services Authority. No part of this document may be reproduced in any manner without prior permission. © 2012 Rathbone Investment Management Limited. All rights reserved. Important information


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