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This is the list of asset managers which have published a statement of commitment to the UK Stewardship Code. Please note that inclusion on this list does not mean formal endorsement by the FRC of an institution's compliance with the Code. The purpose of the Statements is to enable the market to judge the level of commitment and to provide a basis for discussion with relevant parties.

This list does not include organisations which have informed us that they wish to explain their alternative investment strategy rather than commit to the Code, or organisations which have informed us that they have produced a policy statement but do not wish to be included in this list. 
 
In 2016 the FRC assessed signatories to the Stewardship Code based on the quality of their Code statements. This work was undertaken to improve the quality of reporting against the Code, encourage greater transparency in the market and maintain the credibility of the Code. Tiering distinguishes between signatories who report well and display their commitment to stewardship, and those where reporting improvements are necessary. The tiering exercise has improved the quality of reporting against the Code, promoted best practice and resulted in greater transparency in the UK market.

Asset manager signatories have been categorised in three tiers. The additional tier reflects the greater relevance of the Code’s provisions to asset managers, their role as agents and the wide range of reporting quality. 
 
To encourage continuous improvement the FRC will continue to work with signatories to improve their reporting and those signatories who do not take steps to improve their reporting and remain in tier three will be removed from the signatory list in six months.

Tier 1Tier 2 |  Tier 3


Tier 1

Signatories provide a good quality and transparent description of their approach to stewardship and explanations of an alternative approach where necessary.

AB 
Aberdeen Asset Management PLC
Aberforth Partners LLP
Alliance Trust Investments
Allianz Global Investors
Amati Global Investors Ltd
Arcus Infrastructure Partners
Artemis Investment Management LLP
Aviva Investors
AXA Investment Managers 
Baillie Gifford & Co
BlackRock
BMO Global Asset Management EMEA
BNP Paribas Investment Partners 
BP Investment Management Limited  
Brewin Dolphin 
Candriam Investors Group
Cantillon Capital Management LLP
Capital International  
CCLA Investment Management Ltd 
Cohen & Steers UK Limited
Columbia Threadneedle
EdenTree Investment Management Limited
Epworth Investment Management
Fidelity International
First State Investments
Generation Investment Management LLP
Goldman Sachs Asset Management International
Harding Loevner
Henderson Global Investors
Hermes Fund Managers 
HSBC Global Asset Management (UK)
Impax Asset Management Limited
Insight Investment
Invesco Perpetual
Investec Asset Management
J.P. Morgan Asset Management
Jupiter Asset Management
Kames Capital
Kempen Capital Management (UK) Ltd 
KBI Global Investors​
Lansdowne Partners (UK) LLP
Lazard Asset Management Limited
Legal & General Investment Management
Longview Partners
M & G Investment Management Limited
Majedie Asset Management 
Manulife Asset Management (Europe) Limited​ 
Marathon Asset Management LLP
Marshall Wace LLP
Martin Currie Investment Management Ltd 
Mercer Delegated Solutions 
MFS Investment Management
Mondrian Investment Partners Limited 
Montanaro Asset Management
Morgan Stanley Investment Management
Neptune Investment Management Limited 
Neuberger Berman Europe Ltd
Newton Investment Management
NFU Mutual Investment Services Ltd 
Northern Trust
Old Mutual Global Investors
Oldfield Partners LLP
Pictet Asset Management Limited
Premier Fund Managers Limited
Principal Global Investors (Europe)
RBC Global Asset Management UK Limited 
Robeco Institutional Asset Management B.V.
Royal London Asset Management
Ruffer LLP
Russell Investments
Santander Asset Management UK Limited
Sarasin & Partners LLP
Schroder Investment Management Limited
Seneca Investment Managers 
Slater Investments Limited
Standard Life Investments
State Street Global Advisors
Tesco Pension Investment
The Central Finance Board of the Methodist Church
Thomas Miller Investment
Toscafund Asset Management LLP
Trilogy Global Advisors
UBS Asset Management
UK Financial Investments Limited (UKFI) 
Vanguard Asset Management Limited 
Veritas Asset Management LLP
Walter Scott & Partners Limited
Wellington Management 
WHEB Asset Management 
William Blair & Company 
 

Tier 2

Signatories meet many of the reporting expectations but report less transparently on their approach to stewardship or do not provide explanations where they depart from provisions of the Code.

7IM
Adelphi Capital LLP 
Arrowgrass Capital Partners LLP
Ashmore Investment Management Limited
Asset Value Investors Limited
BAE Systems Pension Funds Investment Management Limited
Baring Asset Management Ltd
Blakeney Management 
Canada Life Asset Management 
Castlefield Investment Partners LLP
CG Asset Management Limited
City of London Investment Management Company Limited
Credit Suisse UK Ltd 
Dalton Strategic Partnership LLP
Edinburgh Partners Limited
Egerton Capital Limited 
Electra Partners 
Element Investment Managers 
Findlay Park Partners 
Franklin Templeton Investments
GAM International Management Limited 
Genesis Investment Management, LLP 
Gottex Fund Management
Herald Investment Management Limited 
Hottinger Investment Management Limited
Independent Franchise Partners LLP
J O Hambro Capital Management Limited 
Lindsell Train Ltd 
Liontrust Asset Management​
Lofoten Asset Management
Loomis Sayles Investments Ltd
Nestlé Capital Management Ltd
Nomura Asset Management UK Ltd
Northlight Group LLP
Odey Asset Management LLP 
Oxburgh Partners LLP 
Oxford Capital 
PIMCO Europe Ltd
Pinebridge Investments Europe Limited
Pioneer Investment Management Limited
Polunin Capital Partners Limited​
Pyrford International
Rathbone Unit Trust Management Limited 
Revera Asset Management Ltd
River and Mercantile Asset Management LLP
RWC Partners
S.W. Mitchell Capital LLP 
Saltus Partners LLP 
Seilern Investment Management Ltd 
Strategic Equity Capital plc 
SVM Asset Management
T.Rowe Price 
TOBAM 
ValueInvest Asset Management
 

Tier 3

Significant reporting improvements need to be made to ensure the approach is more transparent. Signatories have not engaged with the process of improving their statements and their statements continue to be generic and provide no, or poor, explanations where they depart from provisions of the Code.

Absolute Fund Managers LLP 
Alder Investment Management Limited
Alken Asset Management LLP
Anavon Capital LLP
Apax Partners 
Baker Steel Capital Managers LLP
Beagle Partners LLP
Bell Rock Capital Management LLP
Boussard & Gavaudan Asset Management, LP
Cavendish Asset Management Ltd
Charles Stanley
Daiwa SB Investments (UK) Ltd
Elara Capital
Fisher Investments 
Hansa Capital Partners LLP
Miton Group
Osmosis Investment Management
Rogge Global Partners 
TT International 

 

Tier 1 |  Tier 2 |  Tier 3

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