Investment Services

Investment Services

We offer our clients a choice in the way in which we manage their invested funds; either through our discretionary service or advisory service. The portfolio breakdowns you can view via the Investment page on our site relate to our discretionary service.

Discretionary Investment Management

As a result of our experience and investment qualifications, our financial regulator permits us to manage your investments without your active involvement in the process. This is known as discretionary management and requires you to contractually delegate the management of your invested capital to Cumberland Place, enabling us to make portfolio changes on your behalf, in line with our Investment Committee recommendations.

Our Investment Committee includes the partners, our research analysts and external investment professionals. With the benefit of extensive research and regular meetings with industry experts, the Investment Committee agrees and regularly reviews the portfolio asset allocation for each respective risk profile.

Whilst the investment process is autonomous, you will have a dedicated adviser to manage our relationship with you, enabling regular investment reviews and ongoing financial planning when required.

Prior to the initial investment taking place, your adviser will discuss with you the underlying objectives for your investment, and most importantly, agree the level of risk you are able or willing to take. Thereafter, we will manage your portfolio within this risk profile, subject to annual review. We continually analyse risk, volatility and correlation between asset classes within each portfolio, in order to ensure the risk and asset allocation remains appropriate.

You will receive printed valuations at least biannually and you will be able to view your portfolio allocation and daily valuations via internet access at any time. Further details about our investment process and Investment Committee are available on request.

Advisory Investment Management

If you prefer to take a more active role in managing your funds, or prefer not to delegate managing your funds to others, we are also able to offer an advisory management service for your consideration. In this scenario, you will also have a dedicated adviser to manage our relationship with you, but the interaction will be different.

In the first instance, your adviser will discuss with you the underlying objectives for your investment and agree the level of risk you are able or willing to take. We will then make a written recommendation for the most suitable portfolio to meet your needs, providing details of each fund and the identifiable risk factors. You will need to confirm in writing to us that you wish to proceed with the recommended investments, prior to us making any purchases within your portfolio.

Thereafter, your adviser will arrange review meetings to discuss and agree any potential changes to the portfolio, which will again require our written recommendation and your prior written approval for changes to be effected. No changes can be made to your investment without your prior agreement in writing.

You will receive valuations at least annually and may also be able to have internet access (depending on how your assets are held) so that you can view your portfolio when it suits you.

Investment Approach

Portfolio Construction

There are three main stages to select a fund or asset class to be held in client portfolios:

  • Analyse macro-economic trends
  • Identify investment themes/opportunities arising
  • Select vehicle to reflect investment theme/opportunity

Once an investment theme has been agreed, we review vehicles to maximise the efficiency, participation and chance of success. Factors considered may include:

  • “Passive” or “active” management
  • Negotiated costs and terms
  • Risk/volatility characteristics
  • Counterparty risk
  • Make up and structure
  • Style drift
  • Liquidity
  • Experience and expertise
  • Performance
  • Regulation

We may also carry out further due diligence, including site visits and fund manager interviews for external investment managers.

Risk Appraisal

Each investor’s circumstances and risk tolerance are appraised, and then the appropriate investment portfolio is selected, to which investor’s funds are allocated. Investors’ risk profiles are reviewed annually to ensure they remain appropriate for their circumstances.

Ongoing Monitoring

The investment process and risk appraisal result in asset allocation models reflecting the Investment Committee’s views, adapted to reflect the investors’ risk tolerance and objectives.

Controls are in place to ensure, where possible, that risks in relation to funds held or proposed, asset correlations and counterparty risks are reasonable in relation to pursuance of profit. Limits are placed on the weighting that any single exposure may have in portfolios. These are agreed based on various factors, for example, liquidity considerations, existing sector allocations and historic and prospective fund volatility

Portfolio weightings take into account some of the following aspects:

  • Risk has a dynamic influence on asset markets, and is apparent at different times and in different places
  • Correlation between asset classes
  • Ensuring diversification is achieving its objectives
  • Risk/volatility analysis

Investment Committee changes to asset allocation will be reflected in discretionary portfolios. In addition, these portfolios are rebalanced on a six monthly basis with the aim of bringing them back into line with the appropriate model, where asset classes have moved out of line as a result, for example, of price movements.

A ‘perfect match’ with the model portfolio may not be realistic as constraints may apply – the specific wrapper that the portfolio is held within may not be eligible for certain holdings. Small reallocations to portfolios are unlikely to be made where the cost of dealing is deemed to outweigh the benefit of the switch.

Investment Committee

Investment Committee

The Cumberland Place Investment Committee meets monthly to debate and agree themes for investment portfolios.

The Investment Analysts and Investment Managers review market themes on a continuous basis, bringing ideas and recommendations to the firm’s Investment Committee.

The firm uses a broad range of research data sources, continuously seeking out information and commentary that challenges any consensus amongst the investment team. Investment changes are only made when they are formally signed off by the Investment Committee.

Tony Moss

Tony Moss - Director - Cumberland Place

Director

Founding Director with over 20 years’ experience. Prior to setting up Cumberland Place Tony was a technical specialist and branch manager of a large London-based team of wealth managers within a leading financial services firm. He holds the Investment Management Certificate, and is a Chartered Financial Planner committed to delivering top quality, totally independent financial planning and investment expertise to clients. Tony has undertaken various challenges for charity including cycling from Paris to London and climbing Kilimanjaro.

Robert Goldschmidt

Robert Goldschmidt - Director - Cumberland Place

Director

Founding Director with over 25 years’ investment management and financial services experience. Prior to setting up Cumberland Place he was responsible for a large team undertaking more complex client financial planning for one of the leading organisations within the industry. He holds the Investment Management Certificate and is a Chartered Financial Planner. He is a keen triathlete and has completed numerous courses raising money for a school for children with special needs.

Andrew Triggs

 

Head of Investment Solutions

After five years with Cumberland Place as an Investment Analyst, Andrew joined Coutts, gaining invaluable experience, before returning to Cumberland Place to lead the investment team. He holds a BSc in Economics from the University of Bristol, MSc in Commercial Property Development from Liverpool John Moores University, and is a Chartered Financial Analyst.

Thomas Watts

Investment Analyst

Having joined the Cumberland Place team in 2015, Thomas has over five years’ previous experience in investment management working for Brewin Dolphin and City Asset Management in similar roles. Having graduated with an MA in History from the University of Bristol, he is also a holder of the CISI Investment Advice Diploma.

Arjun Pandya

Investment Analyst

Arjun joined the Cumberland Place team in 2015 from Credit Agricole Corporate & Investment Bank where he was a Market Risk Analyst. He graduated with honours and holds a BSc in Investment and Financial Risk Management, as well as a MSc in European Business (majoring in Finance), from Cass Business School. He also holds the Investment Management Certificate. During his prime, Arjun represented Kenya in swimming at the Youth Olympic Games.

Geoff Hall

Geoff Hall - Investment Professional - Cumberland Place

Investment Professional

Former Chief Investment Officer of Allianz Insurance plc, he is a seasoned investment professional with over 30 years’ experience as a fund manager. Geoff’s current roles are Non-Executive Director of Doric Nimrod Air One, a specialist Guernsey investment company, and consultant to WHEB Asset Management, a partnership specialising in environmental and sustainability fund management. His career spans Midland Montagu Asset Management, HSBC Asset Management, County Investment Management and British Railways Pension Funds.

David Jane

David Jane - Investment Professional - Cumberland Place

Investment Professional

David has more than 25 years’ experience in investment management. He is currently lead fund manager on four Miton Asset Management Multi Asset funds, and previously founded the Darwin Group in September 2010. He was also Head of Equities Investments at M&G, joining in December 2000 as a Fund Manager in the global specialist equity team. He was portfolio manager of the M&G Managed Fund and M&G Cautious Multi Asset Fund, which he launched in February 2007 and grew to over £300 million during his tenure. Previously, David was the Head of Global Financials Research at AXA Investment Management and Director of Global Financials Research at Newton Investment Management. David graduated with a B.A. Honours in Statistics and Economics.

Andrew Moss

Andrew Moss - Investment Professional - Cumberland Place

Investment Professional

Founder and CEO of Dragon Investment Strategies, Andrew is a former Partner of Cumberland Place and has worked in the investment management and financial services sector for over 25 years. Andrew has a post graduate Diploma in Management Studies and holds the Investment Management Certificate.

Jane Goodwin

Jane Goodwin - Cumberland Place Investment Committee

Operations Manager

Jane provides administrative support to the investment committee ensuring actions agreed by it are executed in a timely manner. Before joining Cumberland Place, she worked for Scottish Widows for 17 years, spending the final five years managing a team within their claims department.

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