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The objective of JOHCM’s Remuneration Policy (the “Policy”) is to establish a remuneration framework necessary to support our investment-led strategic approach, to attract, retain and motivate the best people over the long-term and to align all employees with the interests of clients and shareholders.
The Policy sets out the JOHCM remuneration structure for all categories of employees, with special emphasis on identified Material Risk Takers (see below).
J O Hambro Capital Management Holdings Limited is the holding company of J O Hambro Capital Management Limited (“JOHCM”). The sub-committees of its board of directors include:
the Audit and Risk Committee (the “ARC”); and
the Remuneration Committee (the “RemCo”).
The RemCo oversees remuneration decisions by JOHCM. It comprises three members, all of whom are independent directors. Two of these members are also members of the ARC, providing audit and risk input which is relevant or pertinent to specific remuneration decisions under consideration by RemCo. JOHCM’s own Risk Committee reports to the ARC on risk issues.
The JOHCM Risk and Compliance functions are also involved in the design and implementation of the Policy as well as providing input on individual performance issues through the appraisal process if appropriate.
By having independent directors as members of both the ARC and the RemCo and by considering the input from the JOHCM Risk and Compliance functions, JOHCM has a governance process around its remuneration decisions which ensures conformity with the risk appetite, tolerance and profile of both JOHCM and of its clients.
The FCA Remuneration Code requires JOHCM to identify individuals whose professional activities may have a material impact upon the risk profile of the firm or the UCITS which they manage. Those individuals are classified as Material Risk Takers (“MRTs”). The following categories of staff within JOHCM have been identified as MRTs:
a) Members of the Executive Committee of JOHCM;
b) Heads of Control Functions who are not members of the Executive Committee;
c) Senior Fund Managers and Fund Managers of UCITS strategies;
d) The Head of Trading; and
e) Any other personnel whose total remuneration takes them into the same remuneration bracket as (a) and (b) above and whose activities have a material impact on the firm’s risk profile.
The list of MRTs is reviewed and approved by the RemCo on an annual basis and whenever there has been a significant change to the governance or corporate structure of the firm.
JOHCM’s remuneration framework is designed to ensure that financial reward is clearly and measurably linked to performance and in accordance with results achieved at individual, fund and corporate levels.
JOHCM recognises that its personnel are its key assets; the professional growth and development of its people are central to achieving JOHCM’s mission and strategy. Underpinning this developmental approach is the annual appraisal process.
The purpose of the JOHCM appraisal process is:
Base salaries for all staff are set at levels which enable JOHCM to remain competitive to attract and retain key skills.
The variable remuneration components of JOHCM’s remuneration framework are differentiated between fund management and non-fund management staff.
The schemes operating for fund management staff have been designed to ensure alignment between the fund manager and the interests and risk profiles of its clients. This is achieved by:
linking the remuneration awarded to the growth of assets under management or to performance targets relating to the funds;
deferring a proportion into equity with a long-term vesting profile; and
investing the deferred element of any performance fees into the funds managed by the fund manager.
The Company operates an annual discretionary bonus scheme for non-fund management staff. RemCo determinations will ensure that the pool is aligned with JOHCM’s current financial, risk and compliance position as well as any future forecasts. The approval process is conducted in-line with the financial year end process so that the RemCo has full oversight and understanding of JOHCM’s risk and financial position.
JOHCM operates a Malus & Clawback policy (“M&C Policy”) to allow the adjustment and/or recovery of deferred or vested remuneration awarded to an individual or group of individuals in certain prescribed circumstances.
Guaranteed variable remuneration is exceptional, occurs only in the context of hiring new staff and is limited to the first year of engagement.
The RemCo may, in exceptional circumstances as determined as its absolute discretion, make a retention payment to a staff member to retain that staff member in the employment of JOHCM.
Staff are required to undertake not to use personal hedging strategies or remuneration- and liability-related insurance to undermine the risk alignment effects embedded in their remuneration arrangements.
JOHCM’s business has been built on its ability to manage a wide variety of successful investment solutions, each with a bespoke philosophy. The firm aims to generate superior long-term investment returns by exploiting opportunities through our stock-picking skills within a rigorous risk and compliance framework.
Critical to our success has been the remuneration structures we have in place for our fund management teams, which aim to support our investment-led strategic approach and to attract, retain and motivate our fund managers. These remuneration arrangements are directly linked to the investment performance of the fund managed by the fund manager. Therefore a fund manager’s remuneration is aligned with asset owners’ long-term interests and the long-term success of the firm. This promotes a sound and effective risk management culture to protect the value of the investment portfolio. For many of our funds this includes integration of ESG risk considerations as they have a material impact on investment performance and therefore the remuneration of the fund manager.
Managing Director – North American Institutional Clients
30 years' industry experience, joined JOHCM in Jun 2016.
Prior to joining JOHCM, Phil worked at LMCG Investments, LLC as Head of Institutional Relationship Management, working with clients and consultants across pension, mutual fund, and other key institutional segments. He previously worked at Wellington Management Company in a number of senior relationship management positions across institutional markets. Phil holds a BA in Economics from the University of Vermont.
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Managing Director - North American Institutional Clients
23 years' industry experience, joined JOHCM in Mar 2018.
Greg is responsible for developing business with institutional clients and consultants in North America. Prior to joining JOHCM, he was Head of Business Development and Client Service at LMCG Investments in Boston, where he directed a team responsible for all business development and relationship management activities. Before LMCG, he served as a Vice President, Business Development at State Street Global Advisors in Boston, where he focused on the sub-advisory channel. Greg holds an MBA from Boston College and has a BA in Political Science from Bates College, Lewiston, Maine.
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Director - Institutional Business
15 years' industry experience, joined JOHCM in Aug 2014.
Prior to joining JOHCM, James worked at Martin Currie Investment Management where he was responsible for managing the relationships with global consultants and the UK institutional market. He began his career at Credit Suisse Asset Management working in the UK Institutional Sales team before joining Investec Asset Management’s UK and Ireland Institutional Sales team. James holds a BSc in Economics and Finance from Loughborough University.
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Institutional Client Service Manager
12 years' industry experience, joined JOHCM in Nov 2011.
Prior to joining JOHCM, Sharmila spent four years at the fixed income boutique Rogge Global Partners Plc as a Client Executive. She previously worked at HSBC Bank in the FX Client Services Team. Sharmila holds a BSc in Economics from Queen Mary, University of London.
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Institutional Relationship Manager - North American Institutional Sales
8 years' industry experience, joined JOHCM in Apr 2010.
Luke Bridges is an Institutional Relationship Manager in North American Institutional Sales. Luke joined JOHCM in 2010 and was most recently a Risk Analyst, contributing to the Investment Risk Oversight of JOHCM’s Investment Teams, implementing the Counterparty Risk Framework as well as assisting in the enhancement of the JOHCM Operational Risk framework. Luke was also a member of the Investment Research Committee and the Best Execution Committee in this role. Prior to this, Luke was a Traders Assistant. Luke holds a BA (Hons) from the University of Brighton, the Investment Management Certificate (IMC) and is a CFA Charterholder.
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Director of Asian Sales
23 years' industry experience, joined JOHCM in April 2013.
Prior to joining JOHCM, Andrew worked at Merrill Lynch Bank (Suisse) S.A. in Singapore as the Regional Business Manager with responsibility for the Asia Pacific ex Japan region. He previously worked at SHK Fund Management. His other notable previous employers include Citibank, Coutts Bank, United Overseas Bank and Pioneer Investments. Andrew holds a Bsc (Economics) in Management Studies from the University of London (Singapore Institute of Management).
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Client Service Manager
9 years' industry experience, joined JOHCM in May 2011.
Prior to joining JOHCM, Grace spent four years as Operations Manager at Silver Metis Capital Management Pte Ltd. Prior to that she was at KBC Bank Singapore where she worked from 2005 to 2007 as Operations Officer. Grace is a CFA Charterholder and holds a BSc in Statistics from the National University of Singapore.
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Head of Equity Impact Solutions
14 years’ industry experience, joined Regnan in June 2020.
Tim Crockford leads the Regnan Equity Impact Solutions team. He previously managed the Hermes Impact Opportunities Equity Fund from its launch in December 2017, having co-founded the Hermes Impact team in 2016. Tim joined Hermes Investment Management in 2009 as a research analyst for the European Equities team and became lead portfolio manager of the ESG-integrated Hermes Europe ex-UK Equity Fund in 2015, which he also managed until he left Hermes.
CFA, Fund Manager
13 years’ industry experience, joined Regnan in May 2020.
Mohsin is a fund manager dedicated to the strategy. He was previously a senior analyst on the Hermes Impact Opportunities Equity Fund, having joined Hermes in 2017. Prior to Hermes, Mohsin was an investment manager in Global Equities at Pictet Asset Management. At Pictet his experience included working on thematic equity funds including Water, Clean Energy and Agriculture.
CFA, Analyst
10 years’ industry experience, joined Regnan in May 2020.
Maxime is an investment analyst dedicated to the strategy. He has a decade of experience in sustainable investment. Previously, as an investment analyst at Hermes from 2016, he participated in the design, launch and management of the Hermes Impact Opportunities Equity Fund. Prior to this he led the integration of ESG and stewardship across investment strategies.
CFA, Analyst
6 years’ industry experience, joined Regnan in April 2020.
Maxine is an investment analyst dedicated to the strategy. She was previously an analyst on the Hermes Impact Opportunities Equity Fund. Maxime transferred to the Hermes Impact team in 2016, having initially joined the Hermes EOS team in 2014. She headed up the chemicals sector team, while also focusing on the financial services, industrials and technology sectors.