Download Our Corporate Brochure - Thomas Miller Investment

thomasmiller.com

Download Our Corporate Brochure - Thomas Miller Investment

Asset management for institutions

and private clients.


We’re not here to make

waves, we’re here

to navigate you safely

through them.

Sir Robin Knox-Johnston CBE is the first person to have sailed single-handed and non-stop

around the world. Sir Robin also acts as brand ambassador for Thomas Miller Investment.


Thomas Miller Investment

Contents

Our Heritage 3

Our Culture 3

Our Investment Philosophy 4

A Focus on Capital Preservation 5

A Strong Rapport with Clients 5

A Philosophy Built on Teamwork 5

Our Investment Process 7

Macroeconomic Analysis 7

Use of Leading Economic Indicators 7

Frontier Methodology 7

Fixed Income Investment 7

Equities 7

Alternative Assets 7

Our Services 8

Investment Management 8

Cash Management 9

Private Clients 10

Institutional Clients 12

Mutual & Captive Insurance 12

Charities 13

Pension Schemes 14

Governments 15


2

Thomas Miller Investment

If one does not know to

which port one is sailing,

no wind is favourable.

Thomas Miller Investment

manages assets for insurance

mutuals, charities, pension

schemes, governments and

private clients.

Our experience enables us to provide clients with a focused range of investment

management services for both institutional and private clients. We also manage

a range of funds that focus on capital preservation and cover cash, bonds,

diversified assets and funds of hedge funds.

The heritage of our parent organisation, Thomas Miller, dates back to 1885 and

is closely linked to the shipping and insurance sectors. The beliefs on which

Thomas Miller was founded are reflected in our investment philosophy today. Our

unique heritage and principles extend to an investment process that emphasises

risk management, active asset allocation and the preservation of capital, whilst

also fostering a strong personal rapport with our clients.

We have offices in London, Isle of Man and Edinburgh and offer the flexibility of

both onshore and offshore investment management.


3

Our Heritage

Thomas Robson Miller was an English shipowner

who became manager of the North of England Club,

a hull and protection club of shipping members

who came together to pool their risks.

In 1885, Miller took over the running of the United Kingdom

Mutual Steam Ship Protecting Association. The Club had

600,000 tons entered and members paid two old pennies

per ton. This club, now named the UKP&I Club, now insures

around 175 million tonnes of owned and chartered ships

from more than fifty countries across the globe.

Today, the Thomas Miller Group of Companies manages a

large percentage of the foremost insurance mutuals in the

international transport sector. Thomas Miller also manages

insurance services for barristers, patent agents, housing

associations and pension schemes.

The services offered by Thomas Miller have been honed

for over 125 years and investment management has

always been a major component of these services. As

a consequence Thomas Miller Investment was formed

as a separate Investment business over 30 years ago.

Our Culture

Our experience has taught us that, in investment, you

will achieve more through quiet strength than you

ever will through fireworks and bombast. As a result,

quiet strength is the quality on which we base our

working culture.

How exactly does quiet strength manifest itself?

• It’s being level-headed

• It’s being dependable

• It’s being robust

• It’s being successful

We believe that our values, abilities and our history

exemplify the quality of quiet strength. A quality that is a

defining character of the way we strive to preserve and

grow the assets entrusted to us.


4

Thomas Miller Investment

Respect the risks and you

will reap the rewards.

Our Investment Philosophy

We are an investment manager focused on

the preservation of capital, taking a top down

approach to portfolio construction. We aim

to build a strong rapport with our clients,

understanding the risks they are prepared

to take.

We seek positive absolute returns over relative returns,

understanding that our clients want their funds to grow

over the longer term, whilst also seeking to smooth out the

volatilities that can be associated with any particular asset

class or time period. Our focus on positive returns is a policy

that has always been evident in our approach to managing

clients’ portfolios.

It should be stressed that, in seeking absolute returns, we

do not sacrifice performance. Our track record demonstrates

that we provide our clients with both capital preservation and

excellent returns over the longer term.


5

A Focus on Capital Preservation.

Risk rather than return leads our thinking, in particular

the risks our clients are comfortable taking to achieve the

returns they desire. It is a simple step on from this to state

that absolute returns are a key part of our focus.

A Strong Rapport with Clients.

Every client of Thomas Miller Investment has the

opportunity to benefit from a direct personal relationship

with their portfolio manager. We place great value on

mutual understanding. Our portfolio managers need

to understand clients’ objectives just as clients

need to understand what we are doing on their behalf.

A Philosophy Built on Teamwork.

The Investment Strategy Committee meets monthly to

discuss and set strategy. We actively encourage individual

contribution but recognise that this must be combined

with collective discussion. The strength of our proposition

lies in the cumulative impact of the investment team.


6

Thomas Miller Investment

Without goals and plans

to reach them, one is like

a ship that has set sail

with no destination.


7

Our Investment Process

We recognise that every client is different.

Therefore we seek to gain an in-depth appreciation

of each client’s financial position, their objectives

and their attitude towards risk. Our portfolio

construction process always leads with risk

management considerations and involves

measuring and quantifying investment risk for

the purpose of formulating a tailored, risk-based

investment policy.

Our strategy is designed to deliver risk management

controls that improve the likelihood of investment goals

being achieved. Risk is an opportunity as well as a threat.

Higher risk asset classes can be considered and this

is largely governed by a client’s financial strength and

tolerance for risk.

A core belief is that the majority of value added within

investment portfolios comes from having the correct asset

allocation over a meaningful period of time.

We implement our strategy through active asset allocation

that involves:

Macroeconomic Analysis

Our Investment Process begins with a thorough

macroeconomic analysis to form a view on the prevailing

phase of the economic cycle for each of the major

economic regions. This economic cycle framework drives

our decisions to over or under-weight each asset class

relative to the pre-determined benchmark level.

Use of Leading Economic Indicators

A key component of our macroeconomic analysis is the

assessment of the leading economic indicators. Leading

indicators play an important role in determining the prevailing

phase of the economic cycle and help us to anticipate the

likely performance of each asset class as we move through

the economic cycle.

Frontier Methodology

By using an efficient frontier methodology, we can build

portfolios with different asset class mixes to achieve optimal

levels of risk and return. Typically, we combine assets with

different return and volatility profiles, to both lower risk and

increase returns.

Fixed Income Investment

Our fixed income investments are made through direct

investment in selected government securities, individual

credit and collective investment funds.

In managing fixed income portfolios, the key stock

selection decisions include:

• Bond duration

• Yield curve positioning

• Credit selection

Equities

Our equity investments are made through a range of

exchange traded funds (ETFs), other passive collective

funds and direct investment in selected individual shares.

In making equity investments, key decisions include the

assessment of the outlook for economic growth, analysis

of a range of valuation metrics, assessment of the liquidity

backdrop and an analysis of investor sentiment and various

other technical factors.

Alternative Assets

We recognise the potential benefits of using alternative

investments to add further diversification and enhance

the overall efficiency of portfolios. We have developed

expertise in a variety of alternative investments e.g. hedge

funds, property, insurance linked securities, forestry, gold

and other commodities and will always assist clients with

their understanding of these asset classes.


8

Thomas Miller Investment

There are enough waves

out there without making

one’s own.

Our Services

The experience gained by the Thomas Miller Group

in insurance and other regulated environments

enables us to provide boards, investment

committees, trustees and private individuals with

a focused range of investment management

services. These include investment management for

institutional and private clients, cash management

and services for pension schemes and charities.

We are also asset manager for a range of collective

schemes covering asset classes such as cash, bonds,

diversified assets and funds of hedge funds.

Investment Management

We offer investment management services for both

institutional and private clients across a broad range of

asset classes.

Our resources enable us to manage multi-currency

mandates with exposure to a wide range of asset

classes, including:

• Equities

• Absolute return funds

Corporate bonds

• Government bonds

• Cash


9

Cash Management

We offer institutional clients a bespoke cash management

service. Under our bespoke cash management agreement,

we act as our clients’ agent when placing funds on

deposit with an agreed list of authorised institutions.

Our Treasury team provide clients with access to a

spread of authorised institutions, competitive returns and

the knowledge that their portfolio is fully diversified.

The list of approved institutions is under the constant review

of our credit committee. Approved institutions are monitored

daily for any rating changes. News agencies are monitored

for any negative or positive stories that may affect decisions

on changes to the list and the investment strategy.

• We work with each client to create the appropriate

portfolio for maximising yield whilst reflecting the

liquidity needs of the client

• We then manage the entire process of placing,

settling and reporting all transactions in the portfolio

• We continually monitor counterparty risk and

reconsider our investments with every institution

prior to placing any deposit

• We use market information for each respective

institution and the country risk attached to this

institution, where appropriate


10

Thomas Miller Investment

Private Clients

We offer a specialist service to private clients

who are seeking to take a professional and

distinctive approach to the investment of their

funds and the stewardship of their wealth.

We work closely with clients and their advisers,

with professionalism and service at the core

of our proposition.

Whether wealth is due to the accumulated efforts of

successive generations or newly created by individual

entrepreneurial flair, we understand that preserving and

growing that wealth over time presents singular challenges

that require a particular mindset and specialist approach.

This is achieved through:

Our distinctive investment philosophy

and process

• An in-depth understanding of each client’s

aims and aspirations

Our commitment to building relationships

and providing clients with a highly personalised

service

• Absolute integrity, independent judgement

and impartial advice

Our heritage of putting the preservation of capital at the

centre of investment management is ideally suited to this

approach. Our investment strategies are therefore designed

to deliver risk adjusted superior returns.


12

Thomas Miller Investment

Institutional Clients

We provide investment services for a wide range of

institutional clients including mutual and captive

insurance businesses, charities, pension schemes

and governments.

We seek to gain a thorough understanding of each

institutional client’s specific requirements. In this way, we can

help them achieve their investment goals in an increasingly

complex business environment.

Mutual & Captive Insurance

We are responsible for the investment of funds owned by

members of the transport insurance, professional indemnity

and captive insurance sectors.

The highly specialised world of mutual insurance business

demands an investment management service that delivers

maximum return on assets, including short-term

cash, with minimum risk. The cornerstone of the successful

management of these assets is the development of

an investment policy that matches the needs of each

individual company.


13

We provide tailored asset management to a range of

Mutual Insurance clients, including:

• The UK P&I Club, one of the world’s largest

Protection & Indemnity clubs, providing liability

insurance for a significant share of the world’s

ocean-going ships

• The Through Transport Club (TT), the international

transport and logistics industry’s leading provider

of insurance and related risk management services

• Bar Mutual Indemnity Fund, which provides

professional negligence cover for barristers

across England and Wales

• PAMIA, which provides professional indemnity cover

for over 95% of UK patent and trademark agents

• The Housing Associations Mutual Insurance

Association (HAMIA), which provides professional

indemnity insurance for the in-house design and

technical practices of housing associations

• The International Transport Intermediaries Club

(ITIC), which is the leading professional indemnity

insurer of companies providing services in the

transport industry

• The UK Defence Club, the leading specialist legal

costs insurer in the international maritime community

• The UK War Risks Club and the Hellenic War

Risks Club, which provide UK and Greek shipowners

with insurance against war risks, including terrorism

Charities

Having worked with charities since 2003, we appreciate

the increasingly demanding and accountable environment

in which they operate. All aspects of a charity’s business,

particularly the management of its finances, need to be

rigorously controlled. For this reason, we made our

investment services available to the charity sector, in

order that Trustees can take advantage of our particular

experience and an investment approach that focuses on

capital preservation and an understanding of risk.

We offer a level of service typically unavailable to many

in the charity sector. Working closely with our charity

clients, we aim to achieve an in-depth understanding

of their objectives and ethical constraints before

formulating an investment policy. These objectives

often include:

• Preserving capital reserves

• Providing a steady flow of income to fund activities

• Achieving long-term growth

We aim to deliver risk management controls to improve the

likelihood of the charity’s investment goals being achieved.

We manage portfolios on a segregated basis and portfolio

performance is governed by each charity’s individual

benchmark, reflecting the level of risk acceptable to

that charity.


14

Thomas Miller Investment

Pension Schemes

We offer innovative investment solutions to the Trustees

and sponsors of defined benefit schemes.

Working alongside respected, independent pension

investment consultants, we combine our portfolio

building expertise with the consultant’s ability to

quantify and monitor each pension scheme’s liabilities.

Our pension scheme solutions are designed to provide

schemes with guidance and direction on their investment

strategy, as well as preparing a roadmap that will chart

the movement of their investment portfolios against

their liabilities. This enables the scheme to react to both

movements in its liabilities and in the financial markets

in a much more focused and timely manner.

The benefits of our pension scheme offering include:

• A greater understanding for Trustees of their

scheme’s true position on an ongoing basis

• A tailored solution that focuses on reducing the

deficit and meeting the pension scheme liability

• The solution provided at a competitive fee level


15

Governments

We provide discretionary investment services to

governments. These discretionary services encompass a

broad range of government departmental needs, including

maintaining and growing levels of reserves in order to meet

present and future expenditure requirements.

Our heritage of taking a conservative, low-risk

approach to managing money for large global

shipping mutual insurance companies, fits extremely

well with the ‘no surprises’ needs of governments, in

terms of:

• Preserving capital

• Achieving positive absolute returns

• Providing consistent performance at relatively low

levels of volatility


16

Thomas Miller Investment

Contact Us

We are located in London, Edinburgh and the Isle of Man.

Duke’s Place

Aldgate

Fenchurch Street Aldgate High Street

Minories

London

Thomas Miller Investment Ltd

90 Fenchurch Street

London

EC3M 4ST

Jewry Street

Lloyd’s Avenue

Fenchurch

Street

Tel: +44 (0)20 7204 2200

Fax: +44 (0)20 7204 2737

Heriot Row

Albyn Place Queen Street

George Street

Edinburgh

Thomas Miller Investment Ltd

46 Charlotte Square

Edinburgh

EH2 4HQ

N Charlotte Street

Princess Street

Tel: +44 (0) 131 226 6417

Fax: +44 (0) 131 226 6417

Bucks Road

Circular Road

St George’s St

Douglas

Athol Street

Lord Street

Finch Road

Strand Street

Loch Promenade

Victoria Street

Isle of Man

Thomas Miller Investment (Isle of Man) Limited

Level 2 Samuel Harris House

5-11 St Georges Street

Douglas, Isle of Man IM1 1AJ

Tel: +44 (0)1624 645200

Fax: +44 (0)1624 645220

Email: invest@thomasmiller.com

Website: www.tminvestment.com


Email: invest@thomasmiller.com

Website: www.tminvestment.com

Investors are advised that the value of investments can go down as well as up.

Thomas Miller Investment Ltd is authorised and regulated by the Financial Services Authority, FSA Register number 189829.

Thomas Miller Investment (Isle of Man) Limited is Licensed by the Financial Supervision Commission of the Isle of Man.

Thomas Miller Investment is a trading name for Thomas Miller Investment Ltd and Thomas Miller Investment (Isle of Man) Limited.

Telephone calls may be recorded.

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