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Seneca Investment Managers launches regular income roadshows

25 January 2016

Seneca Investment Managers (Seneca IM), the value focused multi-asset investment house, is running a series of seminars for advisers in February and March around the UK.  The Regular Income Roadshow aims to identify ways to achieve a diversified and reliable income stream.

Changes to pension legislation and low interest rates are a significant concern for many investors in the hunt for consistent and good levels of income. The Roadshow will explore this theme and discuss Seneca IM’s market outlook for 2016, bond and equity market dynamics and the firm’s multi-asset fund range including the top quartile* £102.9m** CF Seneca Diversified Income fund. The fund has paid an average net yield of 5 per cent since its launch in 2002.

The roadshow will be hosted by Peter Elston, Chief Investment Officer and Steve Jackson, Head of UK Retail. It will begin its UK tour in Edinburgh on Wednesday 3 February and end in Brighton on Wednesday 23 March.

Peter Elston, Chief Investment Officer at Seneca IM, says: “In what is likely to remain a low interest rate environment for the foreseeable future, the need for a regular income stream is increasingly important. I look forward to discussing the opportunities and challenges facing investors and exploring how advisers can help them achieve their investment objectives through a low volatility and diversified fund.”

For additional dates and locations of the upcoming Seneca Investment Managers ‘Regular Income Roadshow’ please visit http://senecaim.com/professional-intermediaries/events/

*Top quartile performance over 1 year

**As at 31 December 2015

 

 

Important information

Past performance is not a guide to future returns. The value of investments and any income may fluctuate and investors may not get back the full amount invested. This document is provided for the purpose of information only and if you are unsure of the suitability of these investments you should take independent advice.

CF Seneca Funds

These funds may experience high volatility due to the composition of the portfolio or the portfolio management techniques used. The Historic Yield reflects distributions declared over a twelve month period as a percentage of the unit price. It does not include any preliminary charge and investors may be subject to tax on their distributions. A portion of the fund’s expenses are charged to Capital. This has the effect of increasing the distribution(s) for the year and constraining the fund’s capital performance to an equivalent extent. Before investing you must read the key investor information document (KIID) as it contains important information regarding the funds, including charges, tax and fund specific risk warnings and will form the basis of any investment. The prospectus, KIID and application forms are available from Capita Financial Managers, the Authorised Corporate Director of the funds (0345 608 1497).

Seneca Global Income & Growth Trust plc

Before investing you should read the Trust’s listing particulars which will exclusively form the basis of any investment. Net Asset Value (NAV) performance is not linked to share price performance, and shareholders may realise returns that are lower or higher in performance. The annual investment management charge and other charges are deducted from income and capital.

Seneca Investment Managers Limited is the Investment Manager of the Funds (0151 906 2450) and is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP16/14.

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Seneca Investment Managers Makes Double Board Appointment

19 January 2016

Seneca Investment Managers, the multi-asset value investor, announces the appointment of Peter Smith and Peter Elston to its Board, subject to the relevant permissions.

Peter Smith is head of policy strategy development at TISA, the financial services membership organisation working with UK political parties, European Parliament, Treasury, HMRC, DWP, The Pensions Regulator and the FCA, to enhance and improve savings and investment schemes to all UK citizens.

Previously Peter Smith was national sales director for the Platform & Distribution Division of Legal & General Group. His work included strategic planning on both legislative and tactical market developments and the management of key strategic relationships within the UK intermediary market.  Peter will be a non-executive director, joining David Warnock, Steve Scott, Steve Charnock and Chairman Ian Currie.

Peter Elston has been promoted to the Board of Seneca Investment Managers as an executive director, having joined the company in 2014.  He retains his role as Chief Investment Officer at the firm. Peter Elston’s career began at Mercury Asset Management and he has spent over twenty years in Asia, most recently running Aberdeen Asset Management’s Singapore-based multi-asset business.

In addition to managing Seneca Investment Managers’ investment function, Peter is a frequently quoted commentator on asset allocation, market developments and economics. Peter joins Chief Executive David Thomas and Operations Director Elaine Smith as an executive member of the board.

David Thomas, Chief Executive of Seneca Investment Managers says: “The addition of Peter Smith and Peter Elston to our Board strengthens an already powerful team.  Peter Smith’s knowledge of the long term savings industry is second to none, and his involvement will allow us to navigate the changing industry landscape with increased confidence.  Peter Elston’s promotion is testament to our commitment to the distinctive and arguably unique “multi-asset value investing” style we have adopted. I welcome them both to their new roles.”

 

 

Important information

Seneca Investment Managers Limited, the Investment Manager of the Funds (0151 906 2450) is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP16/09.

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Seneca Investment Managers 2016 Outlook: US and China at a critical juncture

6 January 2016

 

  • China’s command economy will support its transition period.
  • US economic cycle remains uncertain, but it isn’t over yet.
  • Equity markets remain reasonably valued, with opportunity in UK mid-caps.

 

Peter Elston, CIO, Seneca Investment Managers, says:

“We believe on balance that the world will continue to grow in 2016. Equity market valuations by and large are low enough to make positive returns this year and western government bonds remain overvalued.

“The world’s two largest economies, the US and China, contributed 82 per cent of global nominal growth over 2014 – 2015. Both nations are at critical junctures. While the US is arguably much closer to the end of its business cycle than the beginning, as evidenced by unemployment that has been falling for six years and that has just recently hit 5%, China is undergoing a pronounced and persistent structural slowdown, as evidenced by plummeting industrial metals, iron ore and bulk shipping prices.

“Yet there remain signs of progress in China’s services sector with PMIs remaining well above 50, while the collapse of Macau casino revenues is an indication that President Xi’s anti-corruption drive is biting, and reforms of China’s welfare system are ongoing. Overall, our view is that China is in a transition phase and will benefit from shift it is making from an economy reliant on manufacturing to more services- and consumption-driven growth.

“With the process of modest rate rises now underway and likely to continue – albeit haltingly and only to what will remain historically low levels – the future shape of the economic cycle in the US has become more difficult to determine. There is no doubt that some parts of the US economy are struggling. The strong dollar has put pressure on manufacturers while the sharp decline in the oil price has led to a contraction in the oil and gas sector.

“However, we believe America’s economy is big enough, deep enough and strong enough to absorb the pain. The services sector accounts for 80% of the US economy. Contractions in manufacturing and energy sectors should be considered part of the process of creative destruction, with freed up labour being employed in other, higher value-added areas of the economy.

“This optimism is supported by the US yield curve data, which does not suggest that a recession is on the horizon. Additionally, the US economy has room to improve without putting upward pressure on wages, as supply of labour is boosted by people re-joining the workforce. This means that inflationary pressures should remain benign for some time, allowing the Fed to maintain an accommodative monetary policy – interest rates may rise but they will remain low. We therefore don’t believe the cycle is at an end yet.

“In terms of valuations, we see no value in developed sovereign bonds: at some stage we believe yields will rise significantly and government bonds will bite the hand that bought them. High yield bond spreads have moved out, which given our expectation of future growth means this is an attractive area for us, though we continue to avoid the oil and gas industry, which is suffering from the Saudi squeeze on margins.

“With regard to equities, these appear reasonably valued especially on price to book and yield metrics and the apparent lack of any imminent end to the global cycle from yield curves and labour markets. In addition to Europe, the value in UK mid-caps can be highlighted, where we expect continued good performance, and which are free from the excessive dividend concentration and low dividend covers so apparent in the large cap universe.”

 

 

Important information

Past performance is not a guide to future returns. The information in this document is as at 30.11.2015 unless otherwise stated.
The views expressed are those of Peter Elston at the time of writing and are subject to change without notice. They are not necessarily the views of Seneca and do not constitute investment advice. Whilst Seneca has used all reasonable efforts to ensure the accuracy of the information contained in this communication, we cannot guarantee the reliability, completeness or accuracy of the content.
Seneca Investment Managers Limited (0151 906 2450) is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP16/01.

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Seneca Global Income & Growth Trust plc announces interim results

7 December 2015

Seneca Global Income & Growth Trust plc, (the Trust), with total assets of £65.6 million, announces its interim results for the six months ended 31 October 2015.

  • Share price rose 3.6%
  • Quarterly dividend increased by 5% year on year
  • Prospective yield of 4.1%
  • NAV declined modestly by 1.3%
  • Annualised volatility of 7.6% compared to 13% for the FTSE All Share Index
  • The Board plans to introduce a discount control mechanism to regulate the share price at the next AGM, in July 2016

The Trust has a distinctive multi-asset value approach to investing, focusing on quality and price, which has contributed to a good six months for the share price, increasing from 141.0 pence to 143.1 pence.

In a turbulent period that began with the Greek debt crisis and ended with falls in China, the Trust’s NAV declined modestly. Against this background, the portfolio has continued to produce a strong and balanced flow of income across all asset classes and announces a 5% increase in quarterly dividend.

Seneca Global Income & Growth Trust plc has achieved consistent performance and seen its discount narrowing by in excess of 10% since its mandate changed in 2012.  The Trust, managed by Seneca Investment Managers, the Liverpool based investment house, recently received an Investment Week Investment Company of the Year award.

Richard Ramsay, Chairman, said: “We will seek to maintain and build the good investment performance record achieved since January 2012 when the Trust’s investment policy changed. The Trust offers investors a combination of good performance and yield, a growing dividend, quarterly distributions and low volatility, built on a strong multi-asset, value approach to investing.’

 

Source

All data as at 31st October 2015
Source R&H Fund Services Ltd., Bloomberg, Seneca IM
Prospective yield – See SIGT RNS 12th November 2015

 

Important information

Past performance is not a guide to future returns. The value of investments and any income may fluctuate and investors may not get back the full amount invested. This document is provided for the purpose of information only and if you are unsure of the suitability of these investments you should take independent advice.

Before investing you should read the Trust’s listing particulars which will exclusively form the basis of any investment. Net Asset Value (NAV) performance is not linked to share price performance, and shareholders may realise returns that are lower or higher in performance. The annual investment management charge and other charges are deducted from income and capital. The prospective yield calculation is based on the next four dividends anticipated, compared against the month end share price.

Seneca Investment Managers Limited is the Investment Manager of the Funds (0151 906 2450) and is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP15/156.

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Seneca Global Income & Growth Trust plc wins coveted investment award

26 November 2015

Seneca Global Income & Growth Trust plc has been awarded the top prize in the Overseas Income category of the Investment Week Investment Company of the Year Awards.

Seneca Investment Managers (Seneca IM), the Liverpool-based investment house, manages the trust, which has achieved consistent performance and a narrowing discount over the last three years.

The Investment Week Investment Company of the Year Awards recognise and reward excellence in fund management. Winning investment companies, in the judges’ opinion, have a high likelihood that they will not disappoint investors in the future.

Seneca IM is known for its multi-asset value investment approach, which is distinct in the market. This means that Seneca IM focuses on quality and price, believing that this approach holds out the prospect of superior returns for its investors.

David Thomas, CEO of Seneca Investment Managers says: “This is a fantastic achievement for the Seneca team. We are strongly committed to our multi-asset value investing approach, which we believe offers investors the prospect of superior long term returns.”

Seneca Global Income & Growth Trust plc beat off strong competition from Blue Planet Investment Trust, F&C Managed Portfolio Income, Invesco Perpetual Select Flexible Investment and London & St Lawrence. The awards were judged by a senior journalist from Incisive Media, investment researchers and professionals from the financial services industry.

 

 

Important information

Past performance is not a guide to future returns. The value of investments and any income may fluctuate and investors may not get back the full amount invested. This document is provided for the purpose of information only and if you are unsure of the suitability of these investments you should take independent advice.

Before investing you should read the Trust’s listing particulars which will exclusively form the basis of any investment. Net Asset Value (NAV) performance is not linked to share price performance, and shareholders may realise returns that are lower or higher in performance. The annual investment management charge and other charges are deducted from income and capital.

Seneca Investment Managers Limited is the Investment Manager of the Funds (0151 906 2450) and is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP15/151.

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Seneca Investment Managers appoints Four Broadgate

24 November 2015

Four Broadgate, the award winning financial and professional services PR agency, has been appointed as the retained agency of Seneca Investment Managers, the value focused multi asset investment house based in Liverpool.  Seneca IM has a national client base including professional intermediaries, institutional investors and personal investors.

Four Broadgate will work with Seneca Investment Managers to provide PR support to its  business and to promote the investment expertise of its fund management team.

Seneca is known for its multi-asset value investment approach, which is distinct in the market. Seneca looks for value, focusing on quality and price and believes that this approach holds out the prospect of superior returns..

David Thomas, CEO of Seneca Investment Managers says:

“We appointed Four Broadgate because of the team’s expert knowledge of our industry, their creative approach and the proven value of its strategic counsel. The team demonstrated a keen understanding of our business and we believe it is well placed to help us in achieving our objectives.”

Roland Cross, Director of Broadgate Mainland says:

“Seneca Investment Managers is at an exciting stage of its development and we look forward to working with the team to strengthen its profile and contribute to the long-term growth of the company.”

The account team consists of Roland Cross, Anouchka Burton, Arran Fano and Roya Abbassi.

Ends

 

For further information, please contact:

Four Broadgate
Roland Cross / Anouchka Burton / Arran Fano / Roya Abbasi
Telephone: +44 (0) 20 3697 4200
Email: SenecaIM@fourbroadgate.com

 

 

Important information

Past performance is not a guide to future returns. The value of investments and any income may fluctuate and investors may not get back the full amount invested. This document is provided for the purpose of information only and if you are unsure of the suitability of these investments you should take independent advice.

CF Seneca Funds

These funds may experience high volatility due to the composition of the portfolio or the portfolio management techniques used. Before investing you should read the key investor information document (KIID) as it contains important information regarding the funds, including charges, tax and fund specific risk warnings and will form the basis of any investment. The prospectus, KIID and application forms are available from Capita Financial Managers, the Authorised Corporate Director of the funds (0345 608 1497).

Seneca Global Income & Growth Trust plc

Before investing you should read the Trust’s listing particulars which will exclusively form the basis of any investment. Net Asset Value (NAV) performance is not linked to share price performance, and shareholders may realise returns that are lower or higher in performance. The annual investment management charge and other charges are deducted from income and capital.

Seneca Investment Managers Limited is the Investment Manager of the Funds (0151 906 2450) and is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP15/149.

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Seneca IM strengthens team as Steve Jackson joins as Head of UK Retail

12 October 2015

Steve Jackson has joined Seneca Investment Managers, as Head of UK Retail to strengthen the Liverpool-based investment manager’s proposition to the IFA market. Steve will focus on both Seneca’s multi-asset fund offering, the CF Seneca Diversified Growth Fund and the CF Seneca Diversified Income Fund, as well as its investment trust, the Seneca Global Income & Growth Trust plc. Steve will work alongside LGBR Capital, which is retained by Seneca Investment Managers to distribute its open ended strategies to UK investment intermediaries.

Having held a number of senior positions within financial services, Steve joins from Schroders, where he was Head of IFA Sales. With a wealth of experience working with individual IFAs, the nationals, networks, platforms and life companies alike – Steve has facilitated investment processes for advisers to support them through the changes and compliance requirements of RDR.

Steve commented:

“The Seneca Investment Managers proposition is compelling in our current investment environment – both in terms of its value approach to multi-asset investing and the importance of delivering consistent income in the deregulated pension landscape. I look forward to working with the team to further raise the Seneca profile and deliver its important investment proposition to UK intermediaries.”

David Thomas, CEO of Seneca Investment Managers, commented:

“We are pleased to have someone of Steve’s calibre on the team and his breadth and depth of intermediary expertise will be of huge benefit to Seneca Investment Managers as we focus on our growth in this key market.”

Important information

Past performance is not a guide to future returns. The value of investments and any income may fluctuate and investors may not get back the full amount invested. This document is provided for the purpose of information only and if you are unsure of the suitability of these investments you should take independent advice.

CF Seneca Funds

These funds may experience high volatility due to the composition of the portfolio or the portfolio management techniques used. Before investing you should read the key investor information document (KIID) as it contains important information regarding the funds, including charges, tax and fund specific risk warnings and will form the basis of any investment. The prospectus, KIID and application forms are available from Capita Financial Managers, the Authorised Corporate Director of the funds (0345 608 1497).

Seneca Global Income & Growth Trust plc

Before investing you should read the Trust’s listing particulars which will exclusively form the basis of any investment. Net Asset Value (NAV) performance is not linked to share price performance, and shareholders may realise returns that are lower or higher in performance. The annual investment management charge and other charges are deducted from income and capital.

Seneca Investment Managers Limited is the Investment Manager of the Funds (0151 906 2450) and is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP15/123.

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Seneca Global Income & Growth Trust plc – All The Growth But Only Half The Volatility

28 May 2015

In their recent research note, Cantor Fitzgerald commented that, Seneca Global Income & Growth Trust (SIGT) has made strong progress since it adopted a revised investment mandate three years ago. The Trust has produced market beating returns, with half the volatility of UK equities. The chart below shows that SIGT has the lowest NAV total return volatility in amongst its closest listed peers, while its returns in absolute terms are better than the UK equity market.

Volatility vs. Global & Flexible Investment Sectors

SIGT Scatter Graph May 2015

Source: Morningstar, Cantor Fitzgerald Europe Research. Data from 18 Jan 2012 (SIGT mandate change) to 30 April 2015.

When viewed in terms of risk-adjusted performance (as measured by the Sharpe ratio), SIGT ranks top among its closest listed peers since the change of mandate in 2012. Furthermore, Cantor Fitzgerald noted that the discount to NAV narrowed from c.15% to c.5%, deeming it ‘a reflection of the progress made’.

Sharpe Ratio vs. Global & Flexible Investment Sectors

SIGT Sharpe Graph May 2015

Source: Morningstar, Cantor Fitzgerald Europe Research. Data from 18 Jan 2012 (SIGT mandate change) to 30 April 2015.

Additionally, SIGT will pay a fourth interim dividend in respect of the year ending 30 April 2015 of 1.47p per Ordinary Share on 12 June 2015. It is the Board’s intention that barring any unforeseen circumstances, it will at least maintain the quarterly dividend rate for the forthcoming year to 30 April 2016.

David Thomas, CEO*, Seneca Investment Managers commented; “The Trust is delivering sector-leading returns to shareholders with much lower volatility than its peer group. This is a ringing endorsement of the revised investment mandate, put in place three years ago and the Trust is in a position to continue to deliver a healthy yield to its shareholders over the next year and beyond.

David Thomas, CEO* of Seneca Investment Managers, commented:

“The Trust is delivering sector-leading returns to shareholders with much lower volatility than its peer group. This is a ringing endorsement of the revised investment mandate, put in place three years ago and the Trust is in a position to continue to deliver a healthy yield to its shareholders over the next year and beyond.

*subject to FCA approval

Important information

Past performance should not be seen as an indication of future performance. The source of information in this communication is the Cantor Fitzgerald research note dated 03.02.2015 and corresponding graphs produced by Cantor Fitzgerald Europe Research as at 30.04.2015 unless otherwise stated. The value of investments and any income may fluctuate and investors may not get back the full amount invested. Whilst Seneca Investment Managers has used all reasonable efforts to ensure the accuracy of the information contained in this communication, we cannot guarantee the reliability, completeness or accuracy of the content. This document is provided for the purpose of information only and if you are unsure of the suitability of this investment you should take independent advice. Before investing you should read the Trust’s listing particulars which will exclusively form the basis of any investment. Net Asset Value (NAV) performance is not linked to share price performance, and shareholders may realise returns that are lower or higher in performance. The annual investment management charge and other charges are deducted from income and capital. Seneca Investment Managers Limited is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP15/65.

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Diversified Income Fund Moves to Monthly Distributions

19 May 2015

Seneca Investment Managers, the multi-asset, value investment house, has announced that in response to investor demand, its CF Seneca Diversified Income Fund has moved to monthly income distributions.

The CF Seneca Diversified Income Fund is a multi-asset, diversified income fund suitable for long term and retirement-phase investors. It aims to provide a consistently high dividend yield and potential for capital growth.

The Fund, which was launched in 2002, is managed by Alan Borrows and Richard Parfect with a value-oriented approach. Diversification is achieved through a portfolio of direct holdings and third party specialist managers and products, across equities, bonds and specialist investments.

The Fund’s investment strategy has proven to be successful.  An investment of £100,000 in the funds in January 2010 would have brought a net income in excess of £5,000 per annum in each calendar year from 2010 to 2014.

David Thomas, CEO* of Seneca Investment Managers, commented:

“In today’s low interest environment, investors are seeking sustainable income based on a strong foundation of diversified assets. We are confident that moving to monthly income will be positive for our investors, without requiring any change to our proven investment strategy.

*subject to FCA approval

Important information

Past performance is not a guide to future returns. The value of investments and any income may fluctuate and investors may not get back the full amount invested. This fund may experience high volatility due to the composition of the portfolio or the portfolio management techniques used. The views expressed are those of the fund manager at the time of writing and are subject to change without notice. They are not necessarily the views of Seneca Investment Managers and do not constitute investment advice. Whilst Seneca Investment Managers has used all reasonable efforts to ensure the accuracy of the information contained in this communication, we cannot guarantee the reliability, completeness or accuracy of the content. This document is provided for the purpose of information only and if you are unsure of the suitability of this investment you should take independent advice. Before investing you should read the key investor information document (KIID) as it contains important information regarding the fund, including charges, tax and fund specific risk warnings and will form the basis of any investment.

The prospectus, KIID and application forms are available from Capita Financial Managers, the Authorised Corporate Director of the Fund (0345 608 1497). Seneca Investment Managers Limited, the Investment Manager of the Fund (0151 906 2450) is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP15/58.

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Senior Appointments at Seneca IM

13 April 2015

Peter Elston and David Thomas

Seneca Investment Managers has appointed David Thomas as Director and Chief Executive Officer* and promoted Peter Elston to Chief Investment Officer.

David Thomas joins from Momentum Global Investment Management, where he was head of the UK Retail business, global client services and marketing. Thomas was tasked with the implementation of the long-term strategy for the UK retail market and was responsible for initiating and exploring acquisition opportunities.

Peter Elston, who joined Seneca IM in November last year as Global Investment Strategist, having formerly been Head of Asia Pacific Strategy and Asset Allocation at Aberdeen Asset Management, steps up to the role of Chief Investment Officer.

Since joining Seneca IM Elston has deployed his skills and experience to further strengthen the Seneca IM investment process and has played a significant role in the asset allocation and regional spread of the two Seneca IM multi-asset OEICs and the Seneca Global Income & Growth Trust plc.

Ian Currie, Chairman of Seneca IM commented:

“We are delighted that Seneca IM will benefit from such tremendous strength and experience with the appointment of David as CEO and Peter’s promotion to CIO. Seneca IM is committed to becoming a leading name in fund management, and David will provide leadership and positioning for the business. Peter’s promotion to CIO acknowledges the leading role he plays in the Seneca investment proposition. He will be at the centre of our aim to preserve and extend our clients’ hard earned capital and his wealth of experience has already enabled us to further strengthen our investment process.”

*Subject to FCA approval

This news piece does not constitute investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision. This news piece is not a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any other transaction. Seneca Investment Managers is authorised and regulated by the Financial Conduct Authority. FP14/39.

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