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The asset management pages on this site are intended for institutions, consultants and charities only.

The information herein is not intended for private clients or other individuals and such individuals should not rely upon it.

By accessing these pages, you agree to be bound by the terms and conditions set out below. Before proceeding, you should carefully read these terms and conditions.

International Legal Information

Please read this important legal information before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which our funds are authorised for sale. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.

Please note that when you confirm you have read this important information we will place a cookie on your computer to recognise you and prevent this page reappearing should you access this site on future occasions. The cookie will expire after six months or sooner should there be a change to this important information.

A cookie is a small data file. Such cookies do not retrieve information about you stored on your hard drive and do not corrupt or damage your computer or computer files. You are not obliged to accept a cookie that we send to you, and you can in fact modify your browser so that it will not accept cookies. For more information about cookies including how to set your internet browser to reject cookies please go to www.allaboutcookies.org.

By confirming that you have read this important information, you also:

Agree that such information will apply to any subsequent access to the Asset Management section of this website by you, and that all such subsequent access will be subject to the disclaimers, risk warnings and other information set out herein; and warrant that no other person will access the Asset Management section of this website from the same computer and logon as you are currently using.

The funds described in the following pages are administered and managed by companies within the Northern Trust Group (“Northern Trust”) and can be marketed in certain jurisdictions only. It is your responsibility to be aware of the applicable laws and regulations of your country of residence. Further information is available in the Prospectus or other constitutional document for each fund.

The contents of this site have been prepared solely for informational purposes. None of the information contained in this site constitutes an offer to buy or sell or is a solicitation to buy or sell any security, product, service or investment, nor does any opinion expressed on this site constitute a recommendation or investment advice.

The funds described are not available for distribution to or investment by US investors. The shares will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US Person.  By accessing this part of the site you confirm that you are not a "US Person" (within the meaning of Regulation S under the Securities Act) and are located outside the US.

The following describes important information about Northern Trust's Irish-domiciled funds (the "Irish Funds") and should be read carefully before investing. If you have questions or concerns about the contents of the Prospectus of an Irish Fund or the suitability of an investment for your particular situation you should consult your bank manager, solicitor, accountant or other financial adviser.

The Irish Funds have been authorised by the Central Bank of Ireland (the “Central Bank”) as Undertakings for Collective Investment in Transferable Securities. This authorisation however, does not constitute a warranty by the Central Bank as to the performance of the Irish Funds and the Central Bank shall not be liable for the performance or default of an Irish Fund. Authorisation of an Irish Fund is not an endorsement or guarantee of the Irish Fund by the Central Bank nor is the Central Bank responsible for the contents of this website.

Potential subscribers and purchasers of shares in an Irish Fund should inform themselves as to (a) the possible tax consequences, (b) the legal requirements, (c) any foreign exchange restrictions or exchange control requirements, and (d) any other requisite governmental regulatory or other consents or formalities which they might encounter under the laws of the countries of their incorporation, citizenship, residence or domicile and which might be relevant to the subscription, purchase, holding or disposal of such shares.

The distribution of the Prospectus of each Irish Fund and the offering or purchase of its shares may be restricted in certain jurisdictions. No person receiving a copy of the Prospectus or subscription form of an Irish Fund in any such jurisdiction may treat the Prospectus or the subscription form as constituting an invitation to that person to subscribe for shares, nor should that person in any event use the subscription form, unless in the relevant jurisdiction such an invitation could lawfully be made to that person and the subscription form could lawfully be used without requiring compliance with any registration or other legal obligations. Accordingly, the Prospectus of an Irish Fund does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.

The Central Bank has neither reviewed nor in any way commented upon the fund documentation of Northern Trust's non-Irish-domiciled funds. No public offer is made of such funds within the meaning of applicable Irish law. The documentation of such funds has not been prepared in accordance with the laws of Ireland. The documents have not been reviewed, approved or authorised by any regulatory authority or exchange in Ireland and therefore may not contain all the information required where a document is prepared pursuant to applicable Irish laws.

The Irish Funds have not been registered with the Swedish Financial Supervisory Authority (Sw. Finansinspektionen), pursuant to Chapter 1 Section 7 of the Swedish Investment Funds Act 2004 (Sw. lag (2004:46) om investeringsfonder). Accordingly, the Irish Funds may not be marketed or sold in Sweden for the purposes of the Investment Funds Act and applications to subscribe or redeem Shares in the Irish Funds will only be considered if sent directly to the Irish Funds outside Sweden.

The Irish Funds are not available for distribution through this website to any type of investors in the Netherlands.

Applications to invest in any fund referred to on this site, must only be made on the basis of the offer document relating to the specific investment (e.g. Prospectus or other applicable terms and conditions).  Our products and services are subject to the terms and conditions and disclaimers of the applicable agreement governing their use.

As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant Application Form, Prospectus or other constitutional document.

Northern Trust has not considered the suitability and appropriateness of any investment you may make with us in the context of your personal circumstances.  If you are unsure about the meaning of any information provided please consult your financial or other professional adviser.

The information contained on this site is subject to copyright with all rights reserved. It must not be reproduced, copied or redistributed in whole or in part.

Where a claim is brought against Northern Trust by a third party in relation to your use of this website, you hereby agree to fully reimburse Northern Trust for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by Northern Trust as a consequence of your improper use of this website.

Past performance is no guarantee of future performance.

The value of investments and the income from them may go down as well as up and are not guaranteed. You may not get back the amount you invested.

Rates of exchange may cause the value of the investments to go up or down.

Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially.

For your protection, telephone calls are usually recorded.

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UK Stewardship Code and Proxy Voting

 
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Acting in the best interests of our clients

The Stewardship 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.

This page explains the approach that Northern Trust has taken with respect to the key recommendations. We believe that we comply with the majority of recommendations of the UK Stewardship Code.

Principle 1: Institutional investors should publicly disclose their policy on how they will discharge their stewardship responsibilities.
 
The Northern Trust Proxy Voting Policies, Procedures and Guidelines are published on our website and applied globally to issuers of all securities. In this, we explain our approach to the proxy voting aspect of our stewardship responsibilities. This is complemented by a Proxy Voting Committee, dedicated corporate governance specialists and analysts that enable monitoring of investee companies. As an asset manager with a primary footprint in passive management, we hold small amounts of a large number of global securities. To ensure the effectiveness of our time, we prioritise our efforts on the issuers where we have the largest holdings in aggregate. The first step in our shareholder engagement is to provide issuers where we have our largest holdings with details of our proxy voting policies, so that they understand our approach. We expect our engagement to develop in line with the growth of our asset management franchise, and will publish updates as appropriate.

For our passive investment strategies we believe that client's objectives are facilitated by following the benchmark detailed in their mandates, but can work with clients to create flexible and appropriate benchmarks that suit their needs in relation to specific issuers or corporate, environmental and social responsibility factors. Our stewardship responsibilities complement the investment process rather than form part of an investment decision for passive investment strategies.

Principle 2: Institutional investors should have a robust policy on managing conflicts of interest in relation to stewardship and this policy should be publicly disclosed. 

We explain our approach to managing conflicts of interests in relation to our voting activity in section 5 of The Northern Trust Proxy Voting Policies, Procedures and Guidelines, which is available on our website.

Principle 3: Institutional investors should monitor their investee companies. 

Our monitoring of investee companies is proportionate to the size of holdings, and complemented by the support of our outsourced agent that implements our custom voting policy.

We maintain an audit trail of meetings held with companies in relation to corporate governance, and any voting decisions.

As an asset manager holding small amounts of a large number of companies, it is neither practical nor the most effective use of our time to attend general meetings. We expect this could develop in line with the growth of our asset management franchise and if we were the largest shareholder in the issuer.

Principle 4: Institutional investors should establish clear guidelines on when and how they will escalate their activities as a method of protecting and enhancing shareholder value. 

We consider escalation on a case by case basis. As a global asset manager we focus our time and contact with the management of issuers where we have the largest holdings. UK issuers may not represent the largest holdings globally. We generally do not seek to make public statements or submit resolutions at shareholders meetings as our investment strategy is not "activist" in nature.

Principle 5: Institutional investors should be willing to act collectively with other investors where appropriate. 

Where permitted by law and regulation and when we believe that collective engagement is appropriate we will collaborate. Any collaboration would naturally ensure adherence to internal policies relating to conflicts of interest and market abuse.

Principle 6: Institutional investors should have a clear policy on voting and disclosure of voting activity. 

We disclose our approach to voting and seek to vote our proxies where possible. We provide details on voting to clients that wish to receive this information. For our US mutual funds details of our voting is published on our website. We are considering how we can meet client's needs further for our pooled funds domiciled in Ireland.

Principle 7: Institutional investors should report periodically on their stewardship and voting activities.

In conjunction with our thinking on voting disclosures for pooled funds, we are considering how we can meet client's reporting needs further and will publish a statement in due course.

Bimal Shah

Bimal Shah

Regional Risk Officer, EMEA & APAC
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Bimal Shah

Bimal Shah

Regional Risk Officer, EMEA & APAC
 

Bimal Shah joined Northern Trust's asset management business in September 2008. He is the Regional Risk Officer for the company's International asset management business. He is responsible for the advancement of the firm's investment and business risk framework and oversees the three production centres in London, Hong Kong and Tokyo from a risk management perspective. He is a member of the Northern Trust Proxy Voting Committee and provides leadership on international securities by engaging with practitioners on Corporate Governance best practices.

Bimal has industry experience since 1997, ranging from wealth management, institutional asset management to retail banking and insurance. Prior to joining us Bimal held the position of Senior Regulatory Adviser at Barclays Global Investors and led major regulatory change projects.

Bimal holds a degree in Economics from the University of Sheffield, and the Securities Institute Diploma.

Proxy Voting Policies & Procedures

The guidelines that apply to the voting of proxies by Northern Trust Corporation affiliates.
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Confidence Through Transparency

Transparency, accountability and an insight for clients, their advisers and consultants [PDF].
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Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. For more information, read our legal and regulatory information about individual market offices.

Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.

This material is directed to professional clients only and is not intended for retail clients. For Asia-Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors.

Issued by Northern Trust Global Investments Limited.