Disclaimer
E-Mail Disclaimers
This email is intended only for the person to whom it is addressed. It may contain privileged, confidential or proprietary information which is only authorized for viewing by the intended recipient. It is not intended as a solicitation for business nor an offer to enter into any transaction.
Capital Advisory Partners Ltd. is authorised and regulated by the Financial Conduct Authority under entity number 450657.
Any investment decision should be made solely on the basis of the information and risk warnings contained within the information memorandum and/or prospectus issued by the fund or company concerned. If you are in any doubt, you should seek professional advice.
Website Disclaimers
Information on this Site
The information on this site is issued by Capital Advisory Partners Limited ("CAP"), which is authorised and regulated by the Financial Conduct Authority ("FCA"). The information on this site is directed only at persons or entities in any jurisdiction or country where such access to information contained herein and use thereof is not contrary to local law or regulation. In particular, the information on this site is not directed at any person in the United States and this site is not intended to be used by any person in the United States, with the exception of those persons who are existing investors in funds managed by CAP.
Accordingly, all persons who access this site are required to inform themselves of and to comply with any such restrictions.
Sales Restrictions
United Kingdom: a number of the investment funds referred to on this site are not recognised collective investment schemes for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom ("the Act"). The promotion of such investment funds and the distribution of offering materials in relation to such funds in the United Kingdom is accordingly restricted by law.
The information related to such investment funds contained on this site is directed only at investment professionals to whom such investment funds may lawfully be promoted by a person authorised under the Act (an "authorised person") by virtue of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemption) Order 2001 and COBS 4.12 of the FCA's Conduct of Business Sourcebook. Shares in the investment funds referred to on this site are only available to such persons and information on this site must not be relied or acted upon by any other persons.
Investors in the investment funds referred to on this site will not benefit from the rules and regulations made under the Act for the protection of investors, nor from the Financial Services Compensation Scheme.
Shares in the investment funds referred to on this site are not dealt in or on a recognised or designated investment exchange for the purposes of the Act, nor is there a market maker in such shares, and it may therefore be difficult for an investor to dispose of his shares otherwise than by way of redemption.
General: it may be illegal to access or download the information contained in this site in certain countries and CAP disclaims all responsibility if you access or download any information from this site in breach of any law or regulation of the country in which you are residing.
An application for shares in any of the investment funds referred to on this site should only be made having read fully the relevant prospectus and other information contained on this site. It is your responsibility to use such documentation and by making an application you will be deemed to represent that you have read such applicable documentation and agree to be bound by its contents.
No Advice
The information on this site is provided solely on the basis that you make your own investment decisions and does not constitute a personal recommendation or investment advice. Should you have any queries about the investment funds referred to on this site, you should contact your financial adviser.
Risk Factors
Past performance may not be repeated and should not be seen as a guide to future performance. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money. Where past performance is quoted gross then investment management charegs as well as transaction charges should be taken into consideration, as these will affect your returns.
Exchange rates may cause the value of overseas investments and the income arising from them to rise or fall.
The levels and bases of and reliefs from taxation may change. Any tax reliefs referred to are those currently available and their value depends on the circumstances of the individual investor. Investors should consult their own tax adviser in order to understand any applicable tax consequences.
Accuracy of Information
The information contained on this site (including any expression of opinion or forecast) has been obtained from, or is based on, sources believed by CAP to be reliable, but is not guaranteed as to its accuracy or completeness. Such information is provided without obligation on the part of CAP and its associated companies and on the understanding that any person who acts upon it or changes his investment position in reliance on it does so entirely at his own risk. The information contained on this site does not constitute an offer to buy or sell or an invitation to make an offer to buy or sell shares in any investment fund referred to herein.
Information posted on this site is current only as at the date it is first posted and may no longer be true or complete when viewed by you. All information contained on this site may be changed or amended without prior notice although CAP does not undertake to update this site regularly.
No Liability
No representation, warranty or undertaking is given as to the accuracy or completeness of the information contained on this site by CAP or any of its associated companies and no liability is accepted by such persons for the accuracy or completeness of such information. In no event will CAP or any of its associated companies be liable to any person for any direct, indirect, special or consequential damages arising out of any use of the information contained on this site, or on any other hyper-linked site, including, without limitation, any lost profits, business interruption, loss of programs or data on your equipment, or otherwise, even if CAP is expressly advised of the possibility or likelihood of such damages. This does not exclude or restrict any duty or liability that CAP has to its customers under the regulatory system in the United Kingdom.
You should be aware that the Internet is not a completely reliable transmission medium. CAP does not accept any liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to any direct, indirect or consequential damage, arising out of the use of the products or services referred to herein. This does not exclude or restrict any duty or liability that CAP has to its customers under the regulatory system in the United Kingdom.
Indemnity
You agree to indemnify, defend, and hold harmless CAP, its affiliates and licensors, and the officers, partners, employees, and agents of CAP and its affiliates and licensors, from and against any and all claims, liabilities, damages, losses, or expenses, including legal fees and costs, arising out of or in any way connected with your access to or use of this website.
Material Interests
CAP and its partners, officers and/or employees may have holdings in the investment funds referred to on this site and may otherwise be interested in transactions that you effect in those funds.
Linked Websites
This site may be linked to third party websites or contain information provided by third parties. CAP does not make any representation as to the accuracy or completeness of such websites or information, has not and will not review or update such websites or information, and cautions browsers that any use made of such websites or information is at their own risk. CAP does not accept any liability arising out of the information contained on any linked website or information on this site provided by a third party and the use of such sites and information is at your own risk. This does not exclude or restrict any duty or liability that CAP has to its customers under the regulatory system in the United Kingdom.
Copyright, Trademarks and Other Rights
Copyright, trademarks, database rights, patents and all similar rights in this site and the information contained in it are owned by CAP, its licensors or relevant third party providers. You may use the information and reproduce it in hard copy for your personal reference only. The information may not otherwise be reproduced, distributed, stored or transmitted without CAP's written consent. Nothing on this site should be considered as granting any licence or right under any trademark of CAP or any third party.
Remuneration code
Scope and application
The Financial Conduct Authority (“FCA”) in its Prudential sourcebook for MiFID Investment Firms (“MIFIDPRU”) sets out the detailed prudential requirements that apply to CAP, and specifically MIFIDPRU 8 which sets out the public disclosure obligations regarding the Firm’s remuneration policy and practices with which the Firm must comply.
Capital Advisory Partners Limited (“CAP” / the “Firm”) is authorised and regulated in the UK by the Financial Conduct Authority (the ‘FCA’) and classified under MIFIDPRU as a small and non-interconnected investment firm (“SNI” firm). As an SNI firm the Firm’s remuneration policies and practices are appropriate and proportionate to the nature, scale and complexity of the risks inherent in the business model and the activities of the Firm.
Business Strategy
The remuneration policy is designed to be aligned with the business strategy, long-term objectives and the values and interests of the Company and its clients within a framework of sound and well-controlled risk management.
As an investment manager / adviser, CAP’s overall objective is to achieve consistent performance for the Firm’s clients. CAP’s income is dependent upon clients’ advisory assets / funds’ under management and therefore the profit available for distribution under this Policy is dependent upon CAP’s overall performance and, as such, the fulfilment of our objectives is interlinked with the best interests of our clients, which in turn is in line with this Policy.
Risk Appetite
The Firm as an SNI firm has a low risk appetite which is evidenced by the fact that: all of its clients are institutional, i.e. professional clients; no client money nor assets are held by the Firm; it has no ability to proprietary trade, so does not take principal positions with its own capital; and senior management are experienced industry professionals who are actively involved in the Firm’s day to day activity. The main categories of risk for CAP are market, operational, reputational, conduct, regulatory and people risk which are accounted for in the design of the remuneration structure.
Remuneration Policy and Practices
CAP is committed to excellence, teamwork, ethical behaviour and the pursuit of exceptional outcomes for its clients. From a remuneration perspective, this means that performance is determined through the assessment of various factors that relate to these values, and by making considered and informed decisions that reward effort, attitude and results. CAP is committed to encouraging equality, diversity and inclusion among our workforce and eliminating unlawful discrimination. We aim to create a diverse environment that allows each employee to be respected and supported. This extends to equality of pay.
Governance and Oversight
The Firm has not established a remuneration committee on the basis that this would be disproportionate for such a small, owner managed business that has no external investors or stakeholders. Nevertheless, the Firm’s remuneration arrangements are formally considered on an annual basis by the Firm’s management body without external consultants engaged to advise on our remuneration matters. The Firm’s Senior Managers fully acknowledge their responsibilities under the Code including their overriding responsibility to ensure that the Firm’s remuneration policies and practices:
- are in line with the business strategy, objectives and long-term interests and values of the Firm;
- are consistent with and promote sound and effective risk management and do not encourage risk-taking that exceeds the level of tolerated risk of the Firm;
- are appropriate to attract, motivate and retain suitable staff;
- are representative of the underlying performance of the business and do not reward individuals for poor performance;
- include measures to avoid conflicts of interest.
In addition, CAP recognises that remuneration is a key component in how the Firm attracts, motivates and retains quality staff and sustains consistently high levels of performance, productivity and results. As such, the Firm’s remuneration philosophy is also grounded in the belief that its people are the most important asset and greatest competitive advantage.
Assessment of performance
All employees are assessed annually using a standard performance appraisal process, including consideration to a range of non-financial and financial criteria ranging from compliance and conduct risks to the performance of business activities. Any performance being assessed is based entirely on professional ability and the process does not allow for any subjectivity or determination based on any protected characteristic, as defined in the 2010 Equality Act i.e., age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, and sexual orientation.
Characteristics of the remuneration policy and practices
Remuneration at CAP is made up of fixed and variable components. The fixed component is set in line with market competitiveness at a level to attract and retain skilled staff. Variable remuneration is paid on a discretionary basis and takes into consideration the Firm’s financial performance, and the financial and non-financial performance of the individual in contributing to the Firm’s success. All staff members are eligible to receive variable remuneration.
The fixed and variable components of remuneration are appropriately balanced and the fixed component represents a sufficiently high proportion of the total remuneration to enable the operation of a fully flexible policy on variable remuneration. This allows for the possibility of paying no variable remuneration component, which the Firm would do in certain situations, such as where the Firm’s profitability performance is constrained, or where there is a risk that the Firm may not be able to meet its capital or liquidity regulatory requirements.
Quantitative Remuneration Disclosures
As details of aggregate remuneration paid to all staff under MIFIDPRU’s Quantitative Remuneration Disclosures, during the year 1st April 2022 to 31st March 2023, could lead to the identification of the individual(s) within the Firm, then the Firm has therefore relied upon a regulatory exemption under MIFIDPRU 8 not to disclose this information.
Stewardship code disclosure
Introduction
The Stewardship Code (“the Code”) was published by the Financial Reporting Council (“FRC”), the UK’s independent regulator responsible for promoting high quality corporate governance and reporting in order to foster investment. The Code sets out good practice for institutional investors in their dealings with the companies in which they have invested.
Disclosure obligatioons
The Financial Conduct Authority’s (“FCA”) regulations outline a firm’s obligations in relation to the Code and for firms who manage assets for corporate professional clients to disclose to these clients the nature of their commitment to the Code, or where it does not commit to the Code its alternate business strategy. Although the Firm recognises the aims and benefits of the Code the Firm’s investment strategy is such that it does not engage directly with companies and therefore the Code in the context of Firm’s investment strategy does not apply and the Firm does not consider that its clients expect such engagement. It is however important to note that the Firm’s investment strategy is specifically structured to maximise investment gains and enhance shareholder value and that it constantly monitors investments, would act collectively with other institutional investors where appropriate and has developed internal policies and procedures for managing conflicts of interest. This non commit disclosure fully encompasses the Firm’s regulatory obligations in complying with the FRC’s Stewardship Code and the FCA’s regulatory requirements.
EU Shareholder rights directive
Capital Advisory Partners Limited is currently considering whether it will adopt an engagement policy pursuant to Article 3g of the Shareholders Rights Directive (Directive 2007/36/EC).
When that decision has been made, the website will be updated accordingly.
Global Data Protection Regulation - Privacy Policy Notice
Introduction
Your privacy is very important to us. This notice (this “Privacy Notice”) is provided by Capital Advisory Partners Limited (“Capital Advisory Partners”) and its affiliates including any Funds to which it is an adviser or manager, where relevant, (“we” or “us”) and sets forth our policies for the collection, use, storage, sharing, disclosure (collectively, “processing”) and protection of personal data relating to you and or where you may be a current, prospective and / or former investors to a Fund. This Privacy Notice is being provided in accordance with the requirements of data privacy laws, including the EU General Data Protection Regulation 2016/679 (“GDPR”), and any other law relating to privacy or the processing of personal data and any statutory instrument, order, rule or regulation implemented thereunder, each as applicable to us. References to “you” or an “investor” in this Privacy Notice means any individual or investor, or any individual or investor connected with you who is a legal person (each such individual, a “data subject”), as applicable.
Identity and contact details of Data Controller
For the purposes of the GDPR, Capital Advisory Partners is the controller of your data. If you have any queries regarding this policy or complaints about our use of your data, please contact us at the address below and we will do our best to deal with your complaint or query as soon as possible.
Capital Advisory Partners Limited
4 Montpelier St, #120
London SW7 1EE
The types of personal data we may collect and use
The categories of personal data we may collect include names, residential addresses or other contact details, signature, nationality, place of birth, tax identification number, date of birth, photographs, copies of identification documents, bank account details, information about assets or net worth, credit history, source of funds details or other sensitive information, such as certain special categories of data contained in the relevant materials or documents.
How we collect personal data
We may collect personal data about you through: (i) information provided directly to us by you, or another person on your behalf; (ii) information that we obtain in relation to any transactions between you and us; (iii) information that you provide to us through using our web-site by filling in forms on our site; and (iv) recording and monitoring of telephone conversations and electronic communications with you as described below.
We also may receive your personal information from third parties or other sources, such as our affiliates, the Administrator, publicly accessible databases or registers, tax authorities, governmental agencies and supervisory authorities, credit agencies, fraud prevention and detection agencies, or other publicly accessible sources, such as the Internet.
The web-site and Cookies (only where the form uses a web-site)
Where applicable, our website may contain links to other websites of interest. However, if you use one of these links to leave our Website, you should note that we do not have any control over that other website. Therefore, we cannot be responsible for the protection and privacy of any information which you provide whilst visiting a linked website and such websites are not governed by this Policy. You should always exercise caution and review the privacy policy applicable to the website in question.
A cookie is a small file which asks permission to be placed on your computer. Once you agree, the file is added and the cookie helps analyse web traffic or lets you know when you visit a particular website. Cookies allow web applications to respond to you as an individual.
The web application can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences.
We may use traffic log cookies to identify which pages are being used. This helps us analyse data about web page traffic and improve our Website by tailoring it to the needs of users. We only use this information for statistical analysis purposes.
Overall, cookies help us provide a better Website by enabling us to monitor which pages users find useful and which they don’t. A cookie does not give us access to a user’s computer or any information about them, other than the data they choose to share with us.
You can choose to accept or decline cookies. Most web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. If you choose to decline cookies, this may prevent you from taking full advantage of this Website.
For further details on cookies and how to manage them, we recommend that you visit the All About Cookies website.
Using your personal data: the legal basis and purposes
We may process your personal data for the purposes of administering the relationship between you and us (including communications and reporting), direct marketing of our products and services, monitoring and analysing our activities, and complying with applicable legal or regulatory requirements (including anti-money laundering, fraud prevention, tax reporting, sanctions compliance, or responding to requests for information from supervisory authorities with competent jurisdiction over our business). Your personal data will be processed in accordance with Data Protection Law and may be processed with your consent, upon your instruction, or for any of the purposes set out herein, including where we or a third-party consider there to be any other lawful purpose to do so.
Where personal data is required to satisfy a statutory obligation (including compliance with applicable anti-money laundering or sanctions requirements) or a contractual requirement, failure to provide such information may result in your subscription in the applicable Fund being rejected or compulsorily redeemed or withdrawn, as applicable. Where there is suspicion of unlawful activity, failure to provide personal data may result in the submission of a report to the relevant law enforcement agency or supervisory authority.
Exceptionally we may be requested or required to disclose to (for example) the Financial Conduct Authority details about you and the services we provide. As such, our disclosure of your personal data to us is on the legal basis of our performance of our compliance with a legal obligation or our legitimate interest in so doing.
How we may share your personal data
We may disclose information about you to our affiliates or third parties, including the Administrator, the Prime Broker and Custodians and the executing brokers and trading counterparties (where relevant) for our everyday business purposes, such as to facilitate transactions, maintain your account(s) or respond to court orders and legal investigations. It may also be necessary, under anti-money laundering and similar laws, to disclose information about the Fund’s investors in order to accept subscriptions from them or to facilitate the establishment of trading relationships for the Funds with executing brokers or other trading counterparties. We will also release information about you if you direct us to do so.
We may share your information with our affiliates for direct marketing purposes, such as offers of products and services to you by us or our affiliates. You may prevent this type of sharing by contacting us as described below (see "Who to contact about this Privacy Notice"). We may also disclose information about your transactions and experiences with us to our affiliates for their everyday business purposes.
We do not share your information with non-affiliates for them to market to you.
Monitoring of communications
We may record and monitor telephone conversations and electronic communications with you for the purposes of: (i) ascertaining the details of instructions given, the terms on which any transaction was executed or any other relevant circumstances; (ii) ensuring compliance with our regulatory obligations; and/or (iii) detecting and preventing the commission of financial crime.
Retention periods and security measures
We will not retain personal data for longer than is necessary in relation to the purpose for which it is collected, subject to Data Protection Law. Personal data will be retained for a minimum period of five to seven years after the termination of our relationship, and we may retain personal data for a longer period for marketing our products and services or compliance with applicable law. From time to time, we will review the purpose for which personal data has been collected and decide whether to retain it or to delete if it no longer serves any purpose to us.
To protect your personal information from unauthorized access and use, we apply organisational and technical security measures in accordance with Data Protection Law. These measures include computer safeguards and secured files and buildings. We will notify you of any material personal data breaches affecting you in accordance with the requirements of Data Protection Law.
International transfers
Because of the international nature of a fund management business, personal data may be transferred to countries outside the EEA (“Third Countries”), such as to jurisdictions where we conduct business or have a service provider, including countries that may not have the same level of data protection as that afforded by the Data Protection Law in the EEA. In such cases, we will process personal data (or procure that it be processed) in the Third Countries in accordance with the requirements of the Data Protection Law, which may include having appropriate contractual undertakings in legal agreements with service providers who process personal data on our behalf in such Third Countries.
Your rights under Data Protection Law
You have certain rights under GDPR in relation to our processing of your personal data and these are, generally: (i) the right to request access to your personal data; (ii) the right to request rectification of your personal data; (iii) the right to request erasure of your personal data (the “right to be forgotten”); (iv) the right to restrict our processing or use of personal data; (v) the right to object to our processing or use where we have considered this to be necessary for our legitimate interests (such as in the case of direct marketing activities); (vi) where relevant, the right to request the portability; (vii) where your consent to processing has been obtained, the right to withdraw your consent at any time; and (viii) the right to lodge a complaint with a supervisory authority. You should note that your right to be forgotten that applies in certain circumstances under GDPR is not likely to be available in respect of the personal data we hold, given the purpose for which we collect such data, as described above.
You may contact us at any time to limit our sharing of your personal information. If you limit sharing for an account you hold jointly with someone else, your choices will apply to everyone on your account.
Complaining to supervisory authorities
A complaint in respect of Capital Advisory Partners may be made to the Information Commissioner’s Office in the United Kingdom.
You may contact us at any time to limit our sharing of your personal information. If you limit sharing for an account you hold jointly with someone else, your choices will apply to everyone on your account.
Who to contact about this Privacy Notice
If you have any queries regarding this policy or complaints about our use of your data, please contact us at the address below and we will do our best to deal with your complaint or query as soon as possible.
Capital Advisory Partners Limited
4 Montpelier St, #120
London SW7 1EE
For more specific information or requests in relation to the processing of personal data by the Administrator, the Prime Broker and Custodians or any other service provider of the Funds (where relevant), you may also contact the relevant service provider directly at the address specified in the directory section of the relevant memorandum or by visiting their websites.