Dickson Capital Management

Dickson Capital Management LLP and the UK Stewardship Code

The UK Stewardship Code is overseen and published by the Financial Reporting Council, an independent regulator overseeing financial reporting, accounting, auditing, and corporate governance in the United Kingdom. The Code aims to enhance the quality of engagement between institutional investors and companies, in order to help improve long term shareholder returns and the efficient exercise of governance responsibilities.

Under Rule 2.2.3R of the FSA's Conduct of Business Sourcebook, Dickson Capital Management is required to include on this website a disclosure about the nature of its commitment to the code or, where it does not commit to the code, an explanation if elements of the code are not complied with. The code is voluntary and sets out a number of principles relating to engagement by investors with UK equity issuers.

It is important to know that Dickson Capital Management LLP acts as agent on behalf of its client, namely the DCM Alpha Europe Fund, and therefore it is not the beneficial owner of investee company shares. The firm pursues a long-short equity strategy that involves investing in global equities, with a significant portion of these investments in developed, Western Europe, including the United Kingdom. The firm does not explicitly pursue an activist investment strategy, and does not explicitly engage company management teams with the intention of directing strategy or advising on the management of risk.

Given that the firm advises a client not based in the UK, that as an agent on behalf of that client it historically has directed the majority of the client’s gross assets in opportunities outside the UK (84% outside the UK from April 2008 through November 2010), and that it does not engage in an activist dialogue, it consequently does not consider it appropriate to commit to this particular voluntary code of practice in the United Kingdom. That said, the firm generally supports the objectives of the code, and may in future decide to comply fully with the UK Stewardship Code.

For Further Information please contact:

Doriana Pavlicu
Head of Operations
Dickson Capital Management
105 Piccadilly
London W1J 7NJ
+44 (0) 20 7647 1750
info@dicksoncapital.com

Dickson Capital Management LLP is authorised and regulated by the Financial Services Authority of the United Kingdom. It is a sub-adviser to the DCM Alpha Europe Fund (the “fund”), which is defined as an “Unregulated Collective Investment Scheme” (“UCIS”) and the promotion of a UCIS either within the UK or from the UK is severely restricted by statute. Consequently, certain information will only be made available to persons falling within the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. For information related to the UK Stewardship Code, please click here.