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, 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:

  1. 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;
  2. No recipient will bring a claim against PwC which relates to the access to the report by a recipient;
  3. 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
  4. 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 2017, 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.
  5. PwC will be entitled to the benefit of and to enforce these terms.
I accept

1. Select your country

  • United Kingdom
  • Austria
  • Australia
  • Belgium
  • Denmark
  • Finland
  • France
  • Germany
  • Iceland
  • Ireland
  • Italy
  • Luxembourg
  • Netherlands
  • Norway
  • Singapore
  • Spain
  • Sweden
  • Switzerland
  • USA
  • Other

2. Select your investor type

  • Financial Advisor
  • Discretionary Investment Manager
  • Wealth Manager
  • Family Office
  • Institutional Investor
  • Investment Consultant
  • Charity, Foundation & Endowment Investor
  • Retail Investor
  • Press
  • None of the above

3. Accept our terms and conditions

By clicking Proceed I confirm I have read the important information and agree to the terms of use.


The Hermes Investment Management website uses cookies to remember your preferences and help us improve the site.
By proceeding, you agree to cookies being placed on your computer.
Read our privacy and cookie policy.

Important Information

Home / Important information

The information contained on this website is for Professional Investors only.

Usage of this Website: Hermes' products and services referred to on this website are not available to the general public in any jurisdiction, and the information provided does not constitute an offer, invitation to acquire or sell any service, product or security referred to on this website.  You are not permitted to re-publish any Hermes information obtained from this website without Hermes’ prior consent. You acknowledge that you are accessing this website on your own initiative and are responsible for compliance with all laws and regulations applicable in your own jurisdiction. Hermes uses a web analytics service to monitor the usage on the website.

English language: By using this website you consent to communicating with Hermes in English unless you inform us otherwise.

Recording of calls: Telephone calls will be recorded for monitoring purposes.

Hermes group: This site is operated by Hermes Fund Managers Limited ("HFML") (Company No: 01661776) whose registered office is situated at Sixth Floor, 150 Cheapside, London EC2V 6ET. The affiliated advisers under the HFML umbrella include: Hermes Investment Management Limited (“HIML”); Hermes Alternative Investment Management Limited (“HAIML”); Hermes European Equities Limited (“HEEL”); Hermes Real Estate Investment Management Limited (“HREIML”); Hermes Equity Ownership Limited (“HEOS”); Hermes GPE LLP (“Hermes GPE”); Hermes GPE (USA) Inc (“Hermes GPE USA”) and Hermes GPE (Singapore) Pte. Limited  (“HGPE Singapore”). All are separately authorised and regulated by the Financial Conduct Authority except for HREIML, HEOS, Hermes GPE USA and HGPE Singapore. HIML currently carries on all regulated activities associated with HREIML. HIML, HEEL and Hermes GPE USA are all registered investment advisers with the United States Securities and Exchange Commission (“SEC”). HGPE Singapore is regulated by the Monetary Authority of Singapore. HIML is not registered in Canada as a dealer, adviser or investment fund manager under applicable Canadian securities laws. Except for the provinces of Alberta, British Colombia, Ontario, Quebec and Nova Scotia, HIML does not engage in the business of, and none of its activities should be construed as holding itself out as engaging in the business of, advising anyone in any Canadian jurisdiction with respect to investing in, buying or selling securities.  In the provinces of Alberta, British Colombia, Ontario, Quebec and Nova Scotia, HIML relies on the international adviser registration exemption pursuant to section 8.26 of National Instrument 31-103– Registration Requirements, Exemptions and Ongoing Registrant Obligations. In the provinces of Ontario, Quebec and Nova Scotia, HEEL relies on the international adviser registration exemption pursuant to section 8.26 of National Instrument 31-103– Registration Requirements, Exemptions and Ongoing Registrant Obligations. Prior to carrying on any investment advisory or portfolio management services for a client located in a Canadian jurisdiction other than Alberta, British Colombia, Ontario, Quebec or Nova Scotia, HIML will first need to take certain steps to either obtain the appropriate registration or rely on an available exemption from registration. The following operating subsidiaries of HFML are not authorised by the Financial Conduct Authority: Hermes Real Estate Investment Management Limited ("HREIML") and Hermes Equity Ownership Services Limited ("HEOS"). HIML and HAIML currently carry out regulated activities associated with HREIML. References on this page to "Hermes" mean HFML, and, where the context requires, its subsidiaries and affiliates as described more particularly above. Certain entities listed above have cash solicitation arrangements under which they receive compensation for referring prospects for other affiliates advisory services. Please see the relevant Form ADV for further disclosure. The HEOS activities referred to on this site are not regulated activities under the Financial Services and Markets Act. This site may include a list of HEOS clients. Please note that inclusion on this list should not be construed as an endorsement of HEOS’ services.

Investing with Hermes may be restricted in some countries and as such, any person who receives this document is required to make themselves aware of their respective jurisdictions and observe any restrictions.

The value of investments and income from them may go down as well as up, and you may not get back the original amount invested.

Past performance is not a reliable indicator of future results and targets are not guaranteed.

No Warranties or Representations: Hermes has expressed its own views and opinions on this website, and these may change from time to time. Hermes may make changes to the information available on the website at any time without notice. No warranties or representations whether express or implied (including, without limitation, implied warranties of merchantability, fitness for purpose, non-infringement of third party rights, freedom from viruses or other harmful code) are given by Hermes in connection with this website. Hermes accepts no liability for any damage or loss whatsoever including loss of profit (whether direct, indirect or consequential) in respect of the use of this website or its content and is not responsible for any interruptions or delays in service which may occur.

Accuracy of information: Information contained on this website is believed in good faith to be correct at the time of posting. In the event that any articles, papers or publications are posted on the website, then such items reflect information available and the views of the authors as at the date of publication. However, errors or omissions in the information may occur because of a number of factors which are inherent in any internet access system and are not within Hermes’ reasonable control. In view of the above, you are advised to confirm the accuracy of any information obtained from this website with Hermes before seeking to rely on such information.

Investment Advice: This website is not intended to be used as a tool for providing investment advice on the merits or suitability of products and no information contained within this website should be construed as such. This website provides information about Hermes’ products and services and does not provide advice to clients. Please seek your own legal, investment and tax advice as you deem appropriate. This website is for information only. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments.

Offering Documents and Private Placement Memoranda: This website contains certain offering documents including prospectuses and private placement memoranda. These documents contain important information including charges, tax and fund specific warnings, which should be read carefully to ensure that they are fully understood prior to you proceeding with investment decisions

Risks: For a full list of all the risks associated with individual products you should read any relevant offering documents.

Where a fund invests in debt instruments (such as bonds) there is a risk that the entity who issues the contract will not be able to repay the debt or to pay the interest on the debt. If this happens then the value of the Fund may vary sharply in value or result in loss.  Also the value of the debt instrument may go up or down with changing interest rates.

The value of equities (such as shares in a company) can be affected by market movements. Other influential factors include political and economic news, company earnings and significant corporate events.

Currency fluctuations between the share class currency and the base currency of a fund may adversely affect the value of an investment a fund.

The performance of a fund that invests in emerging markets will have significant dependence on the economic environment of emerging markets. Because of this (i) the fund’s investments may be difficult to buy and sell, (ii) the price of the fund’s investments are likely to go up and down more than shares of companies in developed markets, (iii) the exchange rate of foreign currencies in emerging markets are subject to greater fluctuations, (iv) there may be restrictions on removing the funds or other assets from the jurisdiction, (v) there is less publicly available information about the companies, (vi) there may be higher costs, (vii) the markets may not be as well regulated, (viii) there may be governmental interference, (ix) there may be higher inflation and more social, economic and political uncertainties than in developed markets.

Where a fund will have many investments in shares of small and mid-sized companies, because they are not large companies (i) their shares may be difficult to buy and sell (ii) they may rely on less diversified streams of revenue (iii) the price of their shares are likely to go up and down more than shares of larger companies.

Where a fund will be exposed to any institutions providing custody of assets, deposits or acting as counterparty on financial Derivatives. In the event of a counterparty experiencing financial difficulties, the fund may be exposed to financial loss.

Where a fund may invest in secured or unsecured loans. Loans that are fully secured offer the fund more protection than an unsecured loan, in the event of non-payment of scheduled interest or principal. However, there is no assurance that the sale of assets from a secured loan would satisfy the borrower’s obligation.

The use of leverage may result in large fluctuations in the net asset value of a fund, amplifying both gains and losses.

Where a fund makes extensive use of Financial Derivative Instruments (FDIs), the value of which depends on the performance of an underlying asset. Small changes in the price of that asset may cause larger changes in the value of the FDIs, increasing either potential gain or loss. FDIs can be used to alter the exposure to underlying Investments. Depending on how they are used, FDIs may increase or decrease the overall volatility of the fund and carry the risk of substantial loss in market conditions which are not expected by the Investment Manager at the time the FDIs are entered into.

In difficult market conditions, certain investments may be harder to sell at the last quoted market price.

Asset Backed Securities do not have security interest in the underlying assets and the ability to enforce security may be limited. Mortgage Backed Securities have a higher risk of decline during periods of rising interest rates. The complexity of these instruments may make valuation more difficult and a fund may need to invest the proceeds from

Investing in property is an illiquid investment and may result in deferment of redemption of units. The value of the property is a matter of a valuer’s opinion rather than fact.

Hermes Investment Funds Plc (HIF) - Further information on investment products and any associated risks can be found in the Fund’s Key Investor Information Document (“KIID”), the Prospectus, the articles of association and the annual and semi-annual reports. In the case of any inconsistency between the descriptions or terms on this website and the Prospectus, the Prospectus shall prevail. These documents are available free of charge at Hermes Investment Funds plc, Georges Court, 54-62 Townsend Street, Dublin 2, Ireland,; and, with the exception of the Multi Asset Inflation Fund, for residents of Switzerland, at its representative (ACOLIN Fund Services AG, Affolternstrasse 56, CH-8050 Zurich, The Paying agent in Switzerland is NPB Neue Privat Bank AG., Limmatquai 1/am Bellevue, P.O. Box, CH-8022 Zürich. HIML is the investment manager and promoter of Hermes Investment Funds plc (“HIF”) - an open-ended investment company with variable capital and with segregated liability between its sub-funds - incorporated in Ireland. Authorised by the Central Bank of Ireland and recognised by the Financial Conduct Authority.

HIF in Spain: Where this website refers to a sub-fund (the Sub-fund) of Hermes Investment Funds plc (the Company), a collective investment scheme duly registered with the Spanish Securities Market Commission (CNMV) under number 1394 (, where it may be consulted the updated list of the authorised distributors of the Company in Spain (the Spanish Distributors). This document only contains brief information on the Sub-Fund and does not disclose all of the risks and other significant aspects relevant to a potential investment in the Sub-Fund. Any investment decision must be based solely on the basis of a careful consideration and understanding of all information contained in the latest Company’s prospectus, simplified prospectus or key investor information document (KIID), when implemented and the latest half-yearly and audited yearly reports. The Spanish Distributors must provide to each investor, prior to subscribing the shares of the Sub-fund, a copy translated into Spanish of the simplified prospectus or KIID, when implemented, and the latest published economic report prior to subscribing shares. In addition, a copy of the report on the planned types of marketing in Spain must be provided using the form published on the CNMV website. All mandatory official documentation shall be available through the Spanish Distributors, in hard copy or by electronic means, and also available upon request  These documents are also available free of charge at Hermes Investment Funds plc, Georges Court, 54-62 Townsend Street, Dublin 2, Ireland, It is advisable to obtain further information and request professional advice before taking an investment decision. Hermes Investment Management Limited is duly passported into Spain to provide investment services in such jurisdiction on a cross-border basis and is registered for such purposes with the Spanish Securities Market Commission – Comisión Nacional del Mercado de Valores (“CNMV”) under number 3674.

HIF in Singapore: This website and the information contained herein shall not constitute an offer to sell or the solicitation of any offer to buy which may only be made at the time a qualified offeree receives a Hermes Investment Funds Public Limited Company prospectus, as supplemented with the global supplement, the relevant fund supplement, and the relevant Singapore supplement (the “prospectus”), describing the offering and the related subscription agreement.  In the case of any inconsistency between the descriptions or terms in this document and the prospectus, the prospectus shall control. For the avoidance of doubt, this website has not been prepared for delivery to and review by persons to whom any offer of units in a scheme is to be made so as to assist them in making an investment decision. This website and the information contained herein shall not constitute part of any information memorandum. Without prejudice to anything contained herein, neither this website nor any copy of it may be taken or transmitted into any country where the distribution or dissemination is prohibited. This website is being furnished on a confidential basis and solely for information and may not be reproduced, disclosed, or distributed to any other person.

The Hermes Property Unit Trust (“HPUT”) is constituted by an amended and restated trust deed between the Appointments Committee, the Trust Manager and the Trustee. The Trust Manager, Hermes Alternative Investment Management Limited (“HAIML”), is the legal operator of HPUT. It is authorised and regulated by the Financial Conduct Authority and has been appointed by the Appointments Committee to undertake all portfolio and risk management activities. The Trust Manager has formed a special committee, known as the HPUT Committee, through which it considers certain matters on behalf of Unit Holders. Each of the members of the HPUT Committee is a member of the Appointments Committee. Each person is Financial Conduct Authority approved in respect of the activities they perform through the HPUT Committee. The Trust Manager delegates certain of its property portfolio activities to Hermes Real Estate Investment Management Limited. HPUT is only available in the UK to qualifying investors.

United Kingdom Financial Services Compensation Scheme (FSCS): Potential investors in the United Kingdom are advised that compensation will not be available under the FSCS.

Data Protection: Please read our Privacy Policy relating to the collection and use of your personal information.

Intellectual Property Rights: Hermes is the owner or the licensee of all intellectual property rights in this website, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved. You may print off one copy, and may download extracts, of any page(s) from our site for your personal reference. You must not use any part of the materials on our site for commercial purposes without obtaining a licence to do so from us or our licensors.

Third Party websites: Links to third party websites are provided solely for your convenience. We have not reviewed any third party websites and are not responsible for their content. Hermes therefore does not endorse or make representations about them, or any material found there, or any results that may be obtained from using them. If you access any third party websites linked to this website, you do so entirely at your own risk.

IP Addresses and Cookies: We may collect information about your computer, including where available your IP address, operating system and browser type, for system administration and to monitor acceptance of our disclaimers. This is statistical data about our users' browsing actions and patterns, and does not identify any individual.

For the same reason, we may obtain information about your general internet usage by using a cookie file which is stored on the hard drive of your computer. Cookies contain information that is transferred to your computer's hard drive. They help us to improve our site and to deliver a better and more personalised service. They enable us:

  • To store information about your preferences, and so allow us to customise our site according to your individual interests.
  • To speed up your searches.
  • To recognise you when you return to our site.
  • To help us improve our site through the use of web analytics.