We permit the publication of our auditors’ report, provided the report is published in full only and is accompanied by the full financial statements to which our auditors’ report relates, and is only published on an access-controlled page on your website https://www.hermes-investment.com, to enable users to verify that an auditors’ report by independent accountants has been commissioned by the directors and issued. Such permission to publish is given by us without accepting or assuming any responsibility or liability to any third party users save where we have agreed terms with them in writing.
Our consent is given on condition that before any third party accesses our auditors’ report via the webpage they first document their agreement to the following terms of access to our report via a click-through webpage with an 'I accept' button. The terms to be included on your website are as follows:
I accept and agree for and on behalf of myself and the Trust I represent (each a "recipient") that:
PricewaterhouseCoopers LLP (“PwC”) accepts no liability (including liability for negligence) to each recipient in relation to PwC’s report. The report is provided to each recipient for information purposes only. If a recipient relies on PwC’s report, it does so entirely at its own risk;
No recipient will bring a claim against PwC which relates to the access to the report by a recipient;
Neither PwC’s report, nor information obtained from it, may be made available to anyone else without PwC’s prior written consent, except where required by law or regulation; and
PwC’s report was prepared with Hermes Property Unit Trust's interests in mind. It was not prepared with any recipient's interests in mind or for its use. PwC’s report is not a substitute for any enquiries that a recipient should make. The financial statements are as at 25 March 2016, and thus PwC’s auditors’ report is based on historical information. Any projection of such information or PwC’s opinion thereon to future periods is subject to the risk that changes may occur after the reports are issued and the description of controls may no longer accurately portray the system of internal control. For these reasons, such projection of information to future periods would be inappropriate.
PwC will be entitled to the benefit of and to enforce these terms.
Hermes Investment Management is one of the largest institutional asset managers in the UK. We offer actively managed public and private markets solutions to investors across the world and, in Hermes EOS, have one of the world’s largest stewardship resources.
help us improve the site.
By proceeding, you agree to cookies being placed on your computer.
Read our privacy and cookie
The UK referendum on EU membership is the big ‘known unknown’ for UK assets. If we’re right, it could be called for as early as June or as late as October 2016, with disincentives to carry it over to 2017.
Our base case remains Brexit is avoided, given the unlikelihood of wanting to risk weaker trade ties, FDI forgone, & a diluted relationship with the US. But, the uncertainty could soon build.
Should it go ahead, the mark-down in assets would be greatest on a ‘hard exit’ than the more probable (if there is Brexit) ‘softer version’ akin to Norway/Switzerland’s associate membership.
As a small open economy, removal of trade barriers & labour migration have probably benefi tted the UK. Critically, Brexit risks obfuscating regulation negotiations, & the UK’s strong FDI-appeal.
Despite saving the annual £8-10bn net EU transfer, other factors would eat into it, & QE reactivated. The only real precedent is Greenland whose exit took three years. A risk with the UK - larger & after 43 years more entwined - is it would need longer than this...
Neil WilliamsGroup Chief EconomistNeil joined Hermes in August 2009 and is responsible for Hermes’ economic research. He has a forward-looking approach to generate investment strategy ideas. Neil adopts top-down methods – macro and market analysis to identify interest rate and credit value, and sovereign default risk. Neil began his career in 1987 at the Confederation of British Industry (CBI), becoming its youngest ever Head of Economic Policy. He went on to hold a number of senior positions in investment banks - including Director of Bond Research at UBS, Head of Research at Sumitomo International, Global Head of Emerging Markets Research at PaineWebber International, and, before coming to Hermes, Head of Sovereign Research and Strategy at Mizuho International. Neil has 29 years’ industry experience and earned an MA in Economics in 1986 from Manchester University, having the previous year completed his BSc (Hons), also in Economics, from University College Swansea. Read all article by Neil Williams