INVESTMENT GRADE CORPORATE BOND UNIT TRUST

Transcription

1 INVESTMENT GRADE CORPORATE BOND UNIT TRUST FOR THE PERIOD ENDED 31 MARCH 2012

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3 Manager St. James's Place Unit Trust Group Limited P.O. Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: (Authorised and regulated by the Financial Services Authority) Directors of the Manager M. S. Wilson (Chairman) resigned 23/05/11 D. C. Bellamy A. M. Croft I. S. Gascoigne H. J. Gladman resigned 31/12/11 D. J. Lamb W. P. Tonks resigned 31/12/11 Secretary of the Manager St. James's Place Administration Limited Investment Adviser INVESCO Asset Management Limited 30 Finsbury Square London, EC2A 1AG United Kingdom (Authorised and regulated by the Financial Services Authority) Trustee BNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria Street London, EC4V 4LA United Kingdom (Authorised and regulated by the Financial Services Authority) Registrar International Financial Data Services (UK) Limited IFDS House St. Nicholas Lane Basildon, SS15 5FS United Kingdom (Authorised and regulated by the Financial Services Authority) Auditor PricewaterhouseCoopers LLP Erskine House Queen Street Edinburgh, EH2 4NH United Kingdom (From 31 January 2012, PricewaterhouseCoopers LLP replaced KPMG Audit Plc as Auditor to the Trust) Prospectus and Manager's Reports Copies of the up to date Prospectus (Scheme Particulars) and latest Manager's Report and Financial Statements for the range of St. James's Place Unit Trusts can be requested from a member of the St. James's Place Partnership or, at any time during normal business hours, from the Administration Centre at P.O. Box 9034, Chelmsford CM99 2XA. Freephone:

4 Report of the Manager During the period under review, 1 October 2011 to 31 March 2012, the St. James's Place Investment Grade Corporate Bond Unit Trust Income unit offer price rose by 3.4% from 125.1p to 129.3p and the Accumulation unit offer price (in which revenue is reflected in the price rather than distributed) rose by 5.7% from 139.2p to 147.1p. On the 16 May 2012, the latest available date before the printing of this report, the Income unit offer price was 128.0p and the Accumulation unit offer price was 147.0p. The estimated yield was 4.40%. The Trust's Performance The performance of the Trust since its launch in April 2009 and over the period under review is shown below, together with figures for the most commonly quoted indices in comparable markets where the major proportion of the Trust has been invested. 06/04/09 to 30/09/11 to 31/03/12 31/03/12 % change % change St. James's Place Investment Grade Corporate Bond Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual Merrill Lynch Sterling Non-Gilts All Stocks Index Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Investment Adviser's Comments The fund rose by 5.7% over the six months to the end of March 2012, marginally outperforming the peer group average which rose by 5.3%. The six months under review saw positive returns across the corporate debt universe. Investor appetite for risk has risen as belief has grown that the European authorities have taken effective steps to begin to address the debt problems in the eurozone. The investments that benefitted most from this improved sentiment were financial capital and high yield bonds the areas that were weakest in the preceding six months. According to data from Merrill Lynch, sterling Tier 1 subordinated bank debt had a total return of 19.1% in the six months under review, the aggregate yield for the sector falling from 13.3% to 9.8%. Investment grade corporate bonds also enjoyed strong performance, with sterling investment grade returning 7.5%. Within investment grade, financials (which represents approximately half of the total investment grade corporate market and includes subordinated bank debt) was the strongest sector, ahead of industrials and utilities. Lower credit quality categories outperformed, with BBB bonds returning 9.2% compared to 5.6% for AA bonds. European high yield bonds returned 13.8%. By contrast, core government bonds, which performed well as a perceived safe haven during much of 2011, achieved more modest returns. The six month return for the Gilt index was 3.5%. INVESCO Asset Management Limited 17 April 2012 From 10 April 2012, Loomis, Sayles & Company L.P. replaced INVESCO Asset Management Limited as Investment Adviser to the Trust. 2

5 Performance Record The St. James's Place Investment Grade Corporate Bond Unit Trust was first offered on 6 April 2009 at an offer price of p per unit. Unit Price History Calendar year * Income Accumulation Highest Lowest Highest Lowest Offer Bid Offer Bid p p p p Distributions The record of net distributions paid/payable per unit is shown below: Income Accumulation Net revenue distributed Net revenue distributed per 1,000 per 1,000 Invested Invested per unit at 06/04/09 per unit at 06/04/09 Calendar year p p * Net Asset Values Year ended September * Units in Issue Units in Issue Market NAV per Unit NAV per Unit Income Accumulation NAV of Trust Income Accumulation '000 p p 9,034, ,221, , ,762, ,204, , ,899, ,632, , ,338, ,917, , Total Expense Ratio Year ended TER September (%) * 1.45 The Total Expense Ratio (TER) is the total expenses paid by the Trust in the period, annualised, against its average net asset value. * To 31 March

6 Investment Assets as at 31 March 2012 (unaudited) Security Holdings Market Value 000 % of Net Assets STERLING DENOMINATED BONDS (79.50%) 513, Allied Domecq 6.625% 12/06/2014 5,634,000 6, America Movil 5% 27/10/2026 3,000,000 3, Amgen 5.5% 07/12/2026 2,500,000 2, Anheuser-Busch InBev 6.5% 23/06/2017 3,500,000 4, ASIF II 6.375% 05/10/2020 1,000,000 1, Assicurazioni Generali 6.416% Perpetual 1,000, AT&T 5.875% 28/04/2017 6,000,000 6, Aviva 6.125% Perpetual 1,400,000 1, BAA Funding 5.85% 27/11/2015 1,500,000 1, Barclays SLCSM 6.14% Perpetual 1,000, BAT International 6% 29/06/2022 6,300,000 7, BG Energy Capital 5.125% 07/12/2017 2,000,000 2, BG Energy Capital 5% 04/11/ , BMW Finance 3.375% 14/12/2018 7,647,000 7, British American Tobacco Netherlands 5.5% 15/09/2016 4,010,000 4, British Telecommunications 8.5% 07/12/ ,000 1, British Telecommunications 8.625% 26/03/2020 2,000,000 2, British Telecommunications 5.75% 07/12/2028 3,000,000 3, BSKYB 5.75% 20/10/2017 3,500,000 4, Carlsberg Breweries 7.25% 28/11/2016 4,798,000 5, Centrica 5.125% 10/12/ , Centrica 5.5% 24/10/2016 5,050,000 5, Centrica 6.375% 10/03/2022 1,000,000 1, Co-Operative 5.625% 08/07/2020 4,500,000 4, Co-Operative 6.25% 08/07/2026 2,000,000 1, Co-Operative Bank 9.25% 28/04/2021 1,384,000 1, Co-Operative Bank 5.75% 02/12/2024 3,050,000 2, Deutsche Telekom 7.375% 04/12/ , Deutsche Telekom 6.5% 08/04/2022 5,900,000 7, DONG Energy 4.875% 12/01/2032 5,000,000 5, Eastern Power Networks 4.75% 30/09/2021 4,500,000 4, EDF 6.125% 02/06/2034 4,500,000 4, EDF 5.5% 17/10/2041 8,000,000 7, Enel Finance International 5.625% 14/08/2024 4,000,000 3, Enel Finance International 5.75% 14/09/2040 2,000,000 1, ESB 6.5% 05/03/2020 2,000,000 1, European Investment Bank 3% 07/12/ ,000,000 10, Finmeccanica 8% 16/12/2019 1,000, First Hydro Finance 9% 31/07/ , Firstgroup 6.875% 15/04/ , Firstgroup 8.75% 08/04/ ,000 1, Firstgroup 6.875% 18/09/2024 1,250,000 1, France Telecom 5.5% 24/05/2012 1,000,000 1, G4S 7.75% 13/05/2019 2,000,000 2, GDF Suez 5% 01/10/2060 2,500,000 2, General Electric Capital 6.5% 15/09/2067 2,000,000 1, Governor of the Bank of Ireland 5.75% 22/10/2013 2,000,000 1, Great Portland Estates 5.625% 31/01/ , Hammerson 6.875% 31/03/ , Hammerson 6% 23/02/ , Hutchison Whampoa Finance UK 5.625% 24/11/2017 2,000,000 2, Iberdrola Finanzas 6% 01/07/2022 3,100,000 3, Iberdrola Finanzas 7.375% 29/01/2024 3,000,000 3, Imperial Tobacco Finance 9% 17/02/2022 3,000,000 4, Imperial Tobacco Finance 8.125% 15/03/2024 2,000,000 2,

7 Investment Assets (continued) as at 31 March 2012 (unaudited) Security Holdings Market Value 000 % of Net Assets IPIC GMTN 6.875% 14/03/2026 3,000,000 3, John Lewis 10.5% 23/01/ , John Lewis 6.125% 21/01/2025 4,700,000 5, Koninklijke KPN 5% 18/11/2026 3,000,000 2, Kraft Foods 5.375% 11/12/ , Kraft Foods 7.25% 18/07/2018 2,000,000 2, LBG Capital No.2 15% 22/01/2029 1,000,000 1, Legal & General 5.875% Perpetual 1,900,000 1, Legal & General 6.385% Perpetual 1,000, Lloyds TSB 5.125% 07/03/2025 2,000,000 2, London Power Networks 5.125% 31/03/2023 4,000,000 4, London Stock Exchange 5.875% 07/07/ , London Stock Exchange 9.125% 18/10/2019 2,500,000 3, Marks & Spencer 6.125% 02/12/2019 1,800,000 1, Marks & Spencer 6.125% 06/12/2021 3,000,000 3, Nationwide Building Society 6.5% 01/09/2022 1,500,000 1, Northumbrian Water Finance 5.125% 23/01/2042 1,500,000 1, Pearson Funding One 6% 15/12/2015 2,000,000 2, Permanent Master Issuer 4.805% 15/07/2042 4,800,000 5, Provident Financial 8% 23/10/2019 1,250,000 1, Reed Elsevier Investments 7% 11/12/2017 2,000,000 2, Rentokil Initial FRN 5.75% 31/03/2016 1,750,000 1, Rolls-Royce 6.75% 30/04/2019 5,000,000 6, Royal Bank of Scotland 5.125% 13/01/2024 2,000,000 2, RSA Insurance 9.375% 20/05/2039 1,000,000 1, RWE Finance 5.5% 06/07/2022 2,000,000 2, RWE Finance 5.625% 06/12/2023 4,000,000 4, RWE Finance 4.75% 31/01/2034 3,000,000 2, Santander % Perpetual 2,500,000 2, Santander Central Hispano Financial Services % 700, Perpetual Santander 7.3% 27/07/ , Santander 7.375% Perpetual 1,000, Scottish & Southern Energy 5% 01/10/2018 5,000,000 5, Severn Trent Utilities Finance 4.875% 24/01/2042 1,500,000 1, Silverstone Master Issuer 5.063% 21/01/2055 1,500,000 1, SPD Finance 5.875% 17/07/2026 3,700,000 4, SSE 5.453% Perpetual 3,045,000 2, Stagecoach 5.75% 16/12/2016 2,000,000 2, Tate & Lyle International Finance 6.75% 25/11/2019 2,000,000 2, Telecom Italia 7.375% 15/12/2017 1,500,000 1, Telecom Italia 5.875% 19/05/2023 3,200,000 2, Telefonica Emisiones 5.597% 12/03/2020 4,500,000 4, Telefonica Emisiones 5.289% 09/12/2022 2,050,000 1, Telefonica Emisiones 5.375% 02/02/2026 2,875,000 2, Telefonica Emisiones 5.445% 08/10/2029 3,000,000 2, Tesco 6.125% 24/02/2022 6,500,000 7, Tesco Property Finance 5.744% 13/04/2040 1,892,929 1, Tesco Property Finance % 13/10/2040 2,487,427 2, UniCredit 6.375% 16/10/2018 1,000, UK Treasury 5.25% 07/06/ ,000,000 30, UK Treasury 2.25% 07/03/ ,000,000 41, UK Treasury 2.75% 22/01/ ,000,000 47, UK Treasury 4.75% 07/09/ ,000,000 34, UK Treasury 2% 22/01/ ,000,000 31, UK Treasury 1.75% 22/01/ ,000,000 31, Wales & West Utilities Finance 5% 07/03/2028 2,000,000 2,

8 Investment Assets (continued) as at 31 March 2012 (unaudited) Security Holdings Market Value 000 % of Net Assets Western Power Distribution East Midlands 5.25% 1,800,000 1, /01/2023 Western Power Distribution West Midlands 5.75% 3,000,000 3, /04/2032 WM Morrison Supermarkets 4.625% 08/12/2023 2,000,000 2, WPP 6.375% 06/11/ ,000 1, EURO DENOMINATED BONDS (7.02%) 4, EnBW Energie Baden-Wuerttemberg 7.375% 02/04/2072 2,600,000 2, ING 4.125% 23/03/ , Pernod-Ricard 4.875% 18/03/2016 2,000,000 1, Royal Bank of Scotland 3.625% 17/05/2013 1, US DOLLAR DENOMINATED BONDS (1.54%) 1, Marks & Spencer 7.125% 01/12/2037 1,500, Nokia 5.375% 15/05/2019 1,000, NON EQUITY INVESTMENT INSTRUMENTS (9.42%) - - DERIVATIVES (0.01%) Forward Currency Contracts Bought EUR2,000,000 for GBP1,677,000 Settlement 12/04/2012 Bought EUR18,000,000 for GBP15,047,190 Settlement 12/04/2012 Sold EUR20,000,000 for GBP16,705,020 Settlement 12/04/2012 Sold EUR3,500,000 for GBP2,921,275 Settlement 09/05/2012 Sold USD2,000,000 for GBP1,262,626 Settlement 29/05/2012 (11) - (56) (0.01) Futures German Euro Bund Futures June 2012 (205) - - UK Long Gilt Bond Futures June 2012 (265) Investment assets^ 520, Total other assets (net) 30, Net assets 550, Comparative figures shown in brackets relate to 30 September All investments held are listed, unless otherwise stated. Derivative contracts were traded on an eligible derivatives exchange. This investment is a related party. ^ Including investment liabilities of ( 66,872). Market Value 000 % of Net Assets Summary of Investment Assets by Credit Ratings Rating Block Investment grade 485, Speculative grade 1, Unrated 33, Total bonds 520, Other 30, Net assets 550,

9 Material Portfolio Changes/Movements Cost Purchases 000 St. James's Place Money Market Unit Trust (Acc) 201,454 UK Long Gilt Bond Futures December ,121 UK Treasury 2.75% 22/01/ ,759 UK Long Gilt Bond Futures March ,588 UK Treasury 2.25% 07/03/ ,448 UK Treasury 4.75% 07/09/ ,118 UK Treasury 2% 22/01/ ,381 UK Treasury 1.75% 22/01/ ,035 UK Treasury 5.25% 07/06/ ,309 German Euro Bund Futures December ,930 German Euro Bund Futures March ,582 UK Treasury 4.25% 07/06/ ,025 UK Treasury 4.25% 07/06/ ,446 EDF 5.5% 17/10/2041 7,777 BMW Finance 3.375% 14/12/2018 7,695 Barclays Bank 10% 21/05/2021 7,513 AT&T 5.875% 28/04/2017 7,008 FCE Bank 7.125% 16/01/2012 6,861 UK Treasury 4.50% 07/06/2042 6,248 UK Treasury 4.75% 07/06/2038 6,241 Other purchases 137,968 Total purchases for the period 832,507 Proceeds Sales 000 St. James's Place Money Market Unit Trust (Acc) 242,529 UK Long Gilt Bond Futures March ,588 UK Long Gilt Bond Futures December ,601 UK Long Gilt Bond Futures June ,386 German Euro Bund Futures December ,930 German Euro Bund Futures March ,582 German Euro Bund Futures June ,622 UK Treasury 4.25% 07/06/ ,376 UK Treasury 4.25% 07/06/ ,551 Barclays Bank 14% Perpetual 10,912 Barclays Bank 10% 21/05/2021 9,852 Deutsche Telekom International Finance 7.125% 26/09/2012 8,706 FCE Bank 7.125% 16/01/2012 8,686 Northern Rock 6.375% 02/12/2019 8,585 Linde 8.125% 14/07/2066 6,733 AT&T 5.875% 28/04/2017 6,609 UK Treasury 4.50% 07/06/2042 6,286 UK Treasury 4.75% 07/06/2038 6,170 Marks & Spencer 6.875% 13/12/2037 6,149 UK Treasury 4.50% 07/06/2042 5,453 Other sales 202,660 Total sales for the period 763,966 This investment is a related party. 7

10 Statement of Total Return for the period 01 October 2011 to 31 March 2012 (unaudited) Income Net capital gains/(losses) Revenue Expenses Finance costs: Interest Net revenue before taxation Taxation Net revenue after taxation Total return before distributions Finance costs: Distributions Change in net assets attributable to unitholders from investment activities 01/10/11 to 31/03/12 01/10/10 to 31/03/ ,514 (8,411) 13,023 13,263 (3,520) (3,097) (2) - 9,501 10, ,501 10,166 32,015 1,755 (12,785) (13,115) 19,230 (11,360) Statement of Change in Net Assets Attributable to Unitholders for the period 01 October 2011 to 31 March 2012 (unaudited) 01/10/11 to 31/03/12 01/10/10 to 31/03/ Opening net assets attributable to unitholders 435, ,594 Movement due to creation and cancellation of units: Amounts receivable on creation of units 94,421 26,301 Amounts payable on cancellation of units (8,542) (45,426) Stamp duty reserve tax Change in net assets attributable to unitholders 85,879 (19,125) - (35) from investment activities (see above) 19,230 (11,360) Retained distribution on accumulation units 9,810 9,755 Closing net assets attributable to unitholders 550, ,829 The presentation of the financial statements has been changed from 's to 000's, the comparatives have been restated accordingly. Comparative information is provided for the Statement of Change in Net Assets Attributable to Unitholders. Since this information is for the prior interim period, the net assets at the end of that period do not correspond to the net assets at the start of the current period. The prices per unit as at 30 March 2012 were: Income units Accumulation units Bid Offer p p

11 Balance Sheet as at 31 March 2012 (unaudited) Assets Investment assets Debtors Cash and bank balances Total other assets Total assets 31/03/12 30/09/ , ,065 12,568 15,704 29,297 14,732 41,865 30, , ,501 Liabilities Investment liabilities (67) (603) Creditors (10,799) (18,722) Bank overdrafts - (79) Distribution payable on income units (896) (708) Total other liabilities (11,695) (19,509) Total liabilities Net assets attributable to unitholders (11,762) (20,112) 550, ,389 The presentation of the financial statements has been changed from 's to 000's, the comparatives have been restated accordingly. Accounting and Distribution policies for the period 01 October 2011 to 31 March 2012 (unaudited) Basis of accounting The interim financial statements have been prepared on the same basis as the audited annual financial statements for the year ended 30 September They have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds issued by the Investment Management Association (IMA) in October 2010 (the IMA SORP 2010). Directors' Certificate This report is certified in accordance with the requirements of the rules in the Financial Services Authority's Collective Investment Schemes Sourcebook. Directors A. M. Croft D. J. Lamb London 21 May

12 Distribution Tables Distributions in pence per unit Group 1 First interim Units purchased prior to 1 October 2011 Second interim Units purchased prior to 1 January 2012 Group 2 Income Gross revenue Income tax Net revenue Equalisation Distributions paid to/ payable 31/07/12 Distributions paid to 31/07/11 Group 1 (p) (p) (p) (p) (p) (p) First interim Second interim Group 2 (p) (p) (p) (p) (p) (p) First interim Second interim Accumulation First interim Units purchased on or after 1 October 2011 to 31 December 2011 Second interim Units purchased on or after 1 January 2012 to 31 March 2012 Gross revenue Income tax Net revenue Equalisation Distributions paid to/ payable 31/07/12 Distributions paid to 31/07/11 Group 1 (p) (p) (p) (p) (p) (p) First interim Second interim Group 2 (p) (p) (p) (p) (p) (p) First interim Second interim All distributions are interest distributions and consist of 100% unfranked income. 10

13 General Information The Trust St. James's Place Investment Grade Corporate Bond Unit Trust is an authorised Unit Trust scheme under section 243 of the Financial Services and Markets Act (2000) and is constituted by a Trust Deed dated 2 April The Unit Trust is subject to the rules of the Financial Services Authority's Collective Investment Scheme Sourcebook and is classified as a UCITS Scheme. The Trust Manager The Manager of the Trust is St. James's Place Unit Trust Group Limited which is a member of the IMA and is authorised and regulated by the Financial Services Authority. Investment Objectives The investment objective of the Scheme is to provide an optimum balance of income generation and capital appreciation. To achieve this, the Scheme will invest predominantly in a portfolio of investment grade* UK and EC company debt securities. The Scheme is also permitted to invest in other asset classes permitted for UCITS Schemes including transferable securities, money market instruments, cash and near cash, units in collective investment schemes, deposits, and derivative and forward transactions for the purposes of efficient portfolio management (including hedging). * Investment grade requires a credit rating equivalent to no lower than a 'BBB minus' from the ratings agency Standard & Poor's. It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Non-Resident Unitholders - European Union Savings Directive Unitholders resident in most European Union countries (not UK) should be aware that the Trust is covered by the European Union Savings Directive. The Manager is required to identify and report your distribution and repurchase transactions to the UK tax authorities, who are in turn required to pass this information to most other European Union national tax authorities. Unit Dealings Dealings on the Trust take place on a daily basis. Purchase or sale instructions can be made by telephone or in writing to St. James's Place Unit Trust Group Limited, P.O. Box 9034, Chelmsford, CM99 2XA, United Kingdom, freephone: The Manager adopts a policy of forward pricing, i.e. the order will be transacted on the dealing day following receipt of the client's instructions, or if received before noon on the dealing day, on that dealing day. In the case of telephone purchases of units from the Manager, settlement must be by return of post after receipt of the contract note. In the case of telephone redemptions, the proceeds will not become payable until the receipt at the Administration Centre of a written request. Telephone instructions are not accepted for ISA wrapped investments or the Unit Trust Investment Plan (Regular Premium Unit Trust). A contract note confirming the subscription or redemption price and the number of units involved will be forwarded, together with a cancellation notice, where appropriate, on the next business day. The most recent issue and redemption prices will be published in the Daily Telegraph and on the Manager's website: 11

14 General Information (continued) Minimum Investment The minimum lump sum investment is 1,500, thereafter the minimum additional investment is 1,000. The minimum monthly investment to the Unit Trust Investment Plan is 150 and the minimum monthly increment is 50. The minimum annual investment to the Unit Trust Investment Plan is 1,500 and the minimum annual increment is 500. Management Charges The Trust Deed permits the following management charges which are receivable by the Manager: (a) A Preliminary Charge of 3.75 per cent which is included in the offer price of the Units. (b) An Annual Management Charge at a rate of 1.37 per cent of the value of the Trust applied during the period under review. From 10 April 2012 the Annual Management Charge was reduced to a rate of 1.21 per cent. Income Distributions Income distributions are made quarterly on or before 31 January, 30 April, 31 July and 31 October each year. Accumulation Distributions Revenue due to accumulation unitholders is reflected in the price of their units. Tax Vouchers Income unitholders that receive income distributions by direct credit and accumulation unitholders (where the distribution income is reinvested) receive an annual consolidated tax voucher in May with all the relevant payment and tax information required to complete a tax return. Tax vouchers will be enclosed if income unitholders receive payment by cheque. Report A report is sent semi-annually to all unitholders on or before 31 May and 30 November each year. Capital Gains Tax The Trust is not liable to tax on capital gains and an individual holding units will not be liable to capital gains tax unless the total chargeable gains for the tax year 2012/2013 exceed 10,600 (2011/ ,600). To calculate capital gains on accumulation units, the total amount of reinvested net revenue (shown on the annual tax credit vouchers) should be added to the base cost of the units purchased. Unitholders should consult their professional advisers for any advice regarding their tax position. 12

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16 UK members of the St. James s Place Wealth Management Group are authorised and regulated by the Financial Services Authority. St. James s Place Unit Trust Group Limited: Registered Office St. James s Place House, 1 Tetbury Road, Cirencester, Gloucestershire GL7 1FP United Kingdom. Registered in England Number Perivan Financial Print Alternative Assets (06/12)