Ashcourt Asset Management

Ashcourt Asset Management Limited (AAM) was formed in May 2000 following the demerger of the asset management arm of Brachers solicitors. At the same time AAM acquired the financial services division of Wilsons, a well-known firm of private client solicitors in Salisbury, Wiltshire.

When AAM started trading, the company had offices in Maidstone, London and Salisbury and AIA managed funds of approximately £160m. AAM also offered through a subsidiary, Ashcourt Investment Advisers Limited the ability to advise on all aspects of pensions and financial planning.

Born of Trust and Probity

In May 2001 AAM expanded further by acquiring the investment management and financial planning arm of Blake Lapthorn Linnell, a major regional law firm with offices in Hampshire and London. The acquisition added materially to the funds under management and further increased the resources in AIA. The Blake Lapthorn Linnell acquisition also added a presence for AAM in Portsmouth with the establishment of an office in Harbour Court. This office has subsequently closed and together with the Salisbury office has moved to a more central location in Winchester.

In November 2001, AAM established Ashcourt Asset Management Guernsey Limited to manage Ashcourt's first collective, Ashcourt Select Portfolio Limited, a Guernsey based OEIC.

May 2002 saw a further development for AAM with the acquisition of the investment management team of Lawrence Graham, a major London legal practice. This acquisition increased Ashcourt’s funds under management to £228 million as at 1st May 2002. Furthermore, this acquisition necessitated the move to larger London premises with effect from May 2002.

Ashcourt Holdings plc was established in October 2002 and now acts as the holdings company for AAM, AIA and the other subsidiaries in the Ashcourt Group. Ashcourt Holdings plc is listed on the Alternative Investment Market (AIM).

In January and April 2003 Ashcourt Holdings plc continued the group’s program of acquisitions by acquiring the investment management divisions of two further firms of solicitors. These solicitors were Donne Mileham & Haddock in Brighton and Hawkins Russell Jones in Hitchin. These acquisitions added further to Ashcourt’s funds under management which then stood at £210 million (allowing for a fall in the market) and added to the number of offices by giving Ashcourt a presence in both Brighton and Hitchin.

As at June 2004, the Ashcourt Group had funds under management in excess of £500m.

IN PARTNERSHIP TO PROTECT AND GROW CAPITAL

AAM is structured to provide you with a high level of service. As a client of AAM you can be assured that we will take time to understand your needs and requirements, and then make sure that you understand exactly what strategies we recommend, and why.

Our asset managers and advisers are available and willing to discuss your investments at any time, either by phone or face to face. You will receive comprehensive valuations on a regular basis, which will include research explaining the investment strategies.

You can expect your manager to review your portfolio and investment strategy on a regular basis. Any changes in your overall situation will be considered as our aim is to ensure that your views are reflected in the way we handle your business.

Managing Your Capital

AAM is an independent asset management company, offering the private investor a highly personalised service, one that builds into a partnership. We aim to meet your individual objectives and requirements through a highly disciplined approach to portfolio management, the intention being to protect and grow your capital.

At AAM, we take an active approach to portfolio construction, aiming for outperformance against chosen benchmarks coupled with a strong concentration on the control and reduction of risk. We help clients identify their precise goals, expected returns, acceptable levels of risk, and time scale ­ which are then rigorously monitored against pre-agreed performance targets.

This exercise serves to support our overall objective which is, through a disciplined investment approach, to invest in good quality companies, concentrating on absolute and relative value, which we then endeavour to exploit by switching between cash and market instruments such as equities and bonds. By employing macro-economic procedures combined with fundamental analysis we are able to select the most advantageous investment strategy. By making full use of our in-house skills and resources (such as a technical overlay to enhance entry and exit points) we are well placed to resist market volatility, seeking to advance performance, whilst looking to constantly control the element of risk. Our overall approach to investing is therefore based upon the management of portfolio returns as a consequence of managing portfolio risk. We add value by determining and actively managing the appropriate risk and return strategies.

The management of AAM believe that each individual client should receive a personalised service that combines a disciplined investment approach utilising some of the best technology available, together with the ability to advise on a wide spectrum of investment products.

"Management of risk is equally important as the pursuit of gain"

We manage your assets in a style designed to preserve and protect your capital by reducing risk. Our asset managers have years of experience analysing and interpreting the independent research and company information we receive. We also undertake our own comprehensive research in order to reach a truly independent view. Our overriding aim is to make investment returns that meet our clients objectives, and safeguard their future.

"Our clients are individuals and NOT account numbers"

We are committed to providing our clients with a superior personalised level of customer service. In the past this level of service was only ever given to institutional investors, but here at AAM we consider ALL of our clients to be of equal worth. Our asset managers are available and willing to discuss your investment requirements at any time, either on the phone or face to face. Our dealings with you are strictly confidential and all transactions are treated with the utmost discretion.

"In partnership to protect and grow capital"

We are also totally committed to a policy of complete transparency and openness regarding the breakdown of your assets, and all charges relating to the management of those assets. We provide our clients with detailed valuations which include a breakdown of the holdings within the fund or portfolio, and comprehensive commentary underpinning the reasoning behind our strategy.

AAM is authorised and regulated by the Financial Services Authority. Ashcourt Asset Management Limited: Registered Office: 11 Tower View, Kings Hill, West Malling, Kent ME19 4UN. Registered in England and Wales with company number 3691998

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