Privacy
This regulatory notice is solely for your information. You do not need to take any action in relation to it.
Background
General Data Protection Regulation (GDPR) – GDPR sets out what organisations can and cannot do with your personal data. ‘Personal data’ is information that identifies individuals directly or from which individuals can be identified indirectly. Tyndall Investment Management, a trading name of Odd Asset Management Limited (“the firm”) are the ‘data controller’ in relation to your personal data that we hold, because we control the storage and use of that personal data.
The firm has appointed a member of staff with responsibility for data protection matters, who can be contacted via emailing [email protected].
Purpose
One of the requirements of GDPR is that we provide you with details about how we process your personal data. ‘Processing’ includes obtaining, recording or storing personal data and carrying out any tasks using the personal data. This notice also describes your data protection rights, including a right to object to some of the processing which we carry out.
Your rights
Under the GDPR you have the following rights:
To obtain access to, and copies of, the personal data that we hold about you;
To require that we cease processing your personal data if the processing is causing you damage or distress; and
To require us not to send you marketing communications.
To require us to erase your personal data;
To require us to restrict our data processing activities;
To receive from us the personal data we hold about you which you have provided to us, in a reasonable format specified by you, including for the purpose of you transmitting that personal data to another data controller; and
To require us to correct the personal data we hold about you if it is incorrect.
Please note that the above rights are not absolute, and we may be entitled to refuse requests where exceptions apply.
If you have any questions about how we use your personal data, or you wish to exercise any of the rights set out above, please contact our Compliance Officer using the following email: [email protected]. or by writing to Tyndall Investment Management at
5-8 The Sanctuary
Westminster
London
SW1P 3JS
Private client investment management: clients of the firm
Data Processing
We process our clients’ personal data for a number of different purposes such as managing your assets, understanding your aims and objectives, reporting to you on the services we provide, for verifying your identity and carrying out regulatory checks, in order to compile regulatory returns, for complying with various laws and regulations to which we are subject, to keep in contact with you and to invite you to events or meetings which may be of interest to you and for obtaining information in relation to your use of our website.
Under the existing agreements we have in place with your custodian bank and investment administrators (such as Pershing Securities Limited and Raymond James Investment Services Limited) we will share and process information with these nominated 3rd parties.
Lawful grounds
There are a number of reasons why we process your personal data. Our primary objective for doing so is that it enables the firm to manage your assets. The lawful grounds for the firm to process your data is that it is necessary for the performance of our contract with you. It is therefore necessary for compliance with a legal obligation and for the purpose of our legitimate interests.
Our specific legitimate interests served by the processing also include ensuring our services are compliant with our regulatory obligations and to ensure that we provide the best possible client service including the administration of your portfolio.
The lawful grounds relating to the provision of reporting to you are that it is necessary for the performance of our contract with you and is necessary in order to comply with our contract with you and is necessary to satisfy a legal obligation and it is necessary for the purpose of our legitimate interests. Our specific legitimate interests served by the processing include ensuring our services are provided in a regulatory compliant manner and ensure that we provide the best possible client service.
Verifying your identity and carrying out regulatory checks
The lawful grounds for processing are that it is necessary for compliance with a legal obligation and it is necessary for the purpose of our legitimate interests. Our specific legitimate interests served by the processing include the prevention of fraud and other financial crime and for ensuring that our services comply with the relevant regulatory requirements.
Regulatory reporting
The lawful grounds for processing are that it is necessary for the performance of our contract with you and enables us to comply with our regulatory obligations and it is necessary for the purpose of our legitimate interests. We have a legitimate interest in ensuring our services are delivered in a regulatory compliant manner.
Adherence to regulatory requirements
The lawful grounds for processing are that it is necessary for the performance of our contract with you and for compliance with a legal obligation and regulatory requirements and therefore it is necessary for the purpose of our legitimate interests. We have a legitimate interest in ensuring our services are delivered in a regulatory compliant manner.
Understanding your aims and objectives
The lawful grounds for processing are that it is necessary for the performance of our contract with you and therefore it is necessary for the purpose of our legitimate interests. Our specific legitimate interests served by the processing include ensuring that your investments are suitable for your needs, you are provided with the best possible client service.
Inviting you to meetings and other events which we think may be of interest to you
The lawful ground for processing is that it is necessary for the purpose of our legitimate interests. Our specific legitimate interests served by the processing include ensuring that you receive the best possible client service from us.
Obtaining information in relation to your use of our website
The lawful ground for processing is that it is necessary for the purpose of our legitimate interests. Our specific legitimate interests served by the processing include understanding how our website is used in order that we can improve its content and for enhancing ensuring our network and information security.
Private client investment management: potential clients
Data Processing
Where you provide us with your data, including name, address, telephone numbers, email addresses, date of birth, financial circumstances and portfolio information, we will process this information in order to recommend the most appropriate service to you, to keep in contact with you and to invite you to events or meetings which may be of interest to you and for obtaining information in relation to your use of our website.
Lawful grounds
There are a number of reasons why we process your personal data. The lawful grounds for the firm to process your data is that it is necessary for the purpose of our legitimate interests.
Our specific legitimate interests served by the processing also include ensuring that any and all services that we propose are compliant with our regulatory obligations.
Verifying your identity and carrying out regulatory checks
The lawful grounds for processing are that it is necessary for compliance with a legal obligation and it is necessary for the purpose of our legitimate interests. Our specific legitimate interests served by the processing include the prevention of fraud and other financial crime and for ensuring that our services comply with the relevant regulatory requirements.
Understanding your aims and objectives
The lawful grounds for processing are that it is necessary for the purpose of our legitimate interests. Our specific legitimate interests served by the processing include ensuring that your proposed investments are suitable for your needs, you are provided with the best possible client service.
Inviting you to meetings and other events which we think may be of interest to you
The lawful ground for processing is that it is necessary for the purpose of our legitimate interests. Our specific legitimate interests served by the processing include marketing, where you have given your consent to be contacted and/or asked to be kept up to date with our investment thoughts, service, or activities.
Obtaining information in relation to your use of our website
The lawful ground for processing is that it is necessary for the purpose of our legitimate interests. Our specific legitimate interests served by the processing include understanding how our website is used in order that we can improve its content and for enhancing ensuring our network and information security.
Fund management: direct investors
If you invest directly into funds managed by the firm, we may receive and record your name. This situation is unusual, as most investors invest via a platform or investment management service, in which case we would not see or record your name.
In the event that we do see your name, we may retain your name for the purpose of our legitimate interests but will not otherwise process or share your name with 3rd parties, excepting where we receive your name from that third party.
Business contacts
We may also receive personal data in respect of our business contacts and (current, previous and/or potential) service providers (and employees of service providers) and data subjects that have provided a business card to, or have otherwise corresponded with, an employee of the firm.
We may collect, use, store and transfer different kinds of personal data about you which you provide to us including: name, address, email address, telephone numbers, place of work and job title.
We will process this information where it is necessary for our legitimate interests, or those of a third party such as the funds we manage, custodians or administrators (including in relation to the sending of electronic marketing communications) and where your interests and fundamental rights are not overridden or where we need to comply with a legal or regulatory obligation.
Your personal data may be processed by the firm or its sub-processors (or any of their affiliates, agents, employees, delegates or sub-contractors) for the following purposes:
to hold your personal data on our system and to contact you on the basis of the legitimate interests of the firm and/or the funds managed by the firm (including in connection with using the services that you provide);
in respect of suppliers, to allow us to process payments and orders in respect of any goods and services provided;
to send you updates on the performance of the firm and funds which it manages, including newsletters, invitations to events and other electronic marketing communications which we will do (a) on the basis of our legitimate interests if you are an investor in the Fund or if we are sending electronic marketing communications to corporate subscriber email addresses (eg [email protected]) or (b) with your consent;
to comply with legal or regulatory requirements; and
such other actions as are necessary to manage the activities of the firm, including by processing instructions, monitoring and recording electronic communications (including telephone calls and emails) for quality control, analysis and training purposes and enforcing or defending the rights or interests of the firm, in order to comply with its legal obligations and/or to pursue its legitimate interests.
Providing and withdrawing consent
We may use and process your personal information where you have consented for us to do so in connection with our marketing activities.
You may withdraw your consent for us to use your information in this way at any time. To do so please contact our Compliance Officer at [email protected].
Sharing of personal data
Where relevant, the firm may pass your personal data to third parties on whose services we rely in order to be able to provide services to you. These include: custodians, market counterparties, brokers, banks, fund operators, administrators, software providers, professional advisers, lawyers, auditors, registrars, regulatory or tax authorities.
Transfer of information outside of the EU
Third parties whose services we use may transfer your personal data to other third parties who in turn they use to provide their services to us. We ask such third parties to put in place appropriate safeguards where this involves a transfer of personal data outside the EU. Further details are available on request.
Data retention
We will only retain your personal data for as long as necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, accounting, or reporting requirements (including the terms of any contractual arrangement we have in place). To determine the appropriate retention period, we consider the amount, nature, and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal requirements.
We will take all reasonable steps to destroy, or erase from our systems, all personal data which is no longer required.
Please note that you may contact us at any time at [email protected] and ask for your details to be removed.
Automated decision making
The firm does not use automated decision making applications.
Order Execution Policy
Overview
Tyndall Investment Management (“the firm”), acts as investment manager to retail clients and to third party collective investment vehicles / funds.
In accordance with the requirements of the FCA Conduct of Business rules (COBS 11.2A.2)) to take all sufficient steps to obtain, when executing orders, the best possible result for clients. This obligation extends to the firm’s placement of orders with other firms for execution that result from the firm’s decisions to deal in a given instrument on behalf of its clients.
When placing or executing orders for clients in a financial instrument, the firm will seek to obtain the most favourable execution outcome for them.
Execution criteria
In its role as investment manager, when executing or placing client trades, the firm will take account of the following criteria in assessing the relevant execution factors (see below for details).
The characteristics of the client order.
The characteristics of the client: whether the trades are being executed for professional or retail clients.
The financial instruments being traded.
Characteristics of the execution venues on which the instruments can be traded.
Execution factors
The firm will take all sufficient steps to achieve best execution for its clients, taking into account a number of factors including, amongst others, the following:
Price – likely to be a key contributor to the decision making process.
Costs – includes costs such as dealing commissions, stamp duty or other market charges, such as transactional charges.
Likelihood of execution and settlement – A key factor in relation to less liquid securities or in the event that the firm undertakes a significant order in a given security.
Speed of execution – This factor will be of particular importance in the event of time constraints such as the need to raise cash or in the event of adverse market conditions.
Size of the trade – This factor will be relevant in the event that the firm needs to undertake a trade which is outside of the normal market size for the security in question. In these circumstances, the need to complete the order may outweigh other factors.
Nature of the order – This factor will be relevant for certain securities where the available venues may be limited, for example, when trading in collective investment schemes or in the unlikely event that the firm engages in OTC transactions.
Platform – the custodial platform for certain client assets.
Achieving the best possible price when executing orders will include a combination of the above factors and is not limited to price alone. We will determine the relative importance of each execution factor using the criteria set out above.
Venue selection
An execution venue is an entity (company or similar) via which, financial instruments can be traded. The role of the firm is to select the use of execution venues in order to obtain the best possible execution outcome for clients.
In certain circumstances, the firm may execute client orders outside of a Regulated Market, Multilateral Trading Facility (MTF) or Organised Trading Facility (OTF). In the event that these venues are appropriate for the client, their express consent will be sought.
Broker selection
In the majority of cases, the firm will place trades with third party brokerage firms for execution.
In order for a broker to be approved for use by the firm, they must satisfy the firm that they have satisfactory order execution arrangements in place that enable the firm to discharge its best execution obligations to its clients.
The firm maintains a list of approved brokers who are obliged to provide best execution. The firm will only transact with brokers in EEA markets who treat the firm as a “professional client” or where they treat the firm as an “Eligible Counterparty” but still maintain a responsibility for best execution. As part of its due diligence assessment of brokers, the firm receives and reviews broker Best execution policies and assesses their regulatory status.
Use of other venues
The list of venues that the firm may use is subject to change and will be determined by the following criteria:
Transaction costs – including whether costs are reasonable and transparent.
Market coverage – adequacy of coverage by country or region.
Instrument coverage – types or instruments covered and the relevant experience of brokers in this field.
Processing and efficiency – Potential risks associated with processing framework, consideration will be given to the venue’s use of straight through processing.
The firm does not have any affiliations or close links with any of the execution venues that it currently uses and as a result, no conflicts of interests arise.
Placement of orders for Private Clients
Reflecting the nature of the arrangements between the firm, its private clients and the clients’ administrator(s), investment platform/custodian, the firm places trades with the platform provider, who in turn, executes trades in the market using brokers of its choosing.
The firm has taken the view that this arrangement enables it to achieve the best possible outcome for clients. In order to do so, the firm believes that first and foremost, the key driver is to ensure that the custodian appointed to support the investment portfolios provides the necessary level of support and customer service. It is also important to ensure that clients do not face excessive custody charges. Consistent with the firm’s obligation to achieve the best execution outcome for clients, it considers that the costs associated with using the custodians to execute trades are one of the primary execution factors and this features heavily in the firm’s decision as to where to place trades for execution.
In order to ensure that clients receive the best outcome in respect of trade execution, the firm assesses the execution outcomes obtained by the entities with whom it places trades, it undertakes periodic assessments of the quality of execution achieved by each entity. These assessments include consideration of certain execution factors including the price achieved and, as outlined above, the associated costs. In addition to the periodic sample reviews of trades undertaken, the firm receives and reviews the executing entity’s Best Execution Policy to understand how trades are undertaken and the determining execution factors used.
To check best execution where we choose execution venue from a variety of options (See Tyndall North American fund) we use market trade information tool to check the range of prices achieved for a sample number of trades. However, we do not use the output from consolidated tape providers, and we have not used services of any 3rd party execution analysis tools.
We have no affiliations or close links with execution venues, and no conflicts, or common ownership with the same.
Tyndall North American Fund
As portfolio manager of the Tyndall North American Fund, the firm places orders with its approved brokers for execution. Orders are allocated to brokers on the basis of their perceived ability to achieve best execution, the brokers then have the discretion to execute orders in the way they see fit so long as they comply with their best execution obligations.
In order to assess whether the firm has acted in client’s best interests, the firm monitors the performance of its brokers’ execution to ensure that its clients’ orders have received the best possible result, having regard to such factors as price, cost, certainty, order size and impact, quality and settlement efficiency. The relative importance of these execution factors will depend on the characteristic of the order. When dealing with less liquid stocks, the ability to complete the size of the order and impact is considered as well as price. In most circumstances, the overall price and order size will be considered factors most relevant to its execution strategy.
In selecting brokers, the firm reviews the counterparty’s order execution policies and processes and assesses whether their arrangements will assist in achieving the best outcome for the firm’s clients.
To check best execution we use market trade information tool to check the range of prices achieved for a sample number of trades. However, we do not use the output from consolidated tape providers, and we have not used services of any 3rd party execution analysis tools.
The firm does not have any affiliations or close links with any of the execution venues that it currently uses and as a result, no conflicts of interests arise.
VT Odd Real Income Fund & VT Tyndall Global Fund
The firm acts as investment manager to the above funds. Trades are placed with the Authorised Corporate Director (ACD) Valu- Trac. Valu – trac select the venues and counterparties for trade execution purposes, and place the trade. The ACD places the trades with the market for execution and, as such, carries the primary responsibility for achieving the best execution outcome.
The firm does not have any affiliations or close links with any of the execution venues that it currently uses and as a result, no conflicts of interests arise.
Initial public offerings, placements or similar
The execution factors above are not relevant in the case of IPOs or placements.
Order execution assessment
The firm’s compliance department undertake periodic independent sample reviews of execution outcomes to determine whether the firm has achieved the best execution outcome as part of its risk based monitoring programme. The results of the reviews are reported to the Board for consideration and action should it be required.
Order Execution policy review and updates.
The firm’s order execution policy and procedures are reviewed and assessed on a regular basis in order to ensure that the are consistent with achieving the most favourable execution outcome for clients. Ongoing reviews may drive changes to the policy or our execution arrangements.
We will notify clients of any significant changes to our execution arrangements.
Record keeping
Staff members who engage in placing or executing orders must enter, promptly, the details of all transactions into the firm’s portfolio management system and/or 3rd party order management systems as appropriate. The records of all transactions are kept for a minimum of five years.
Right to complain
If you wish to make a complaint in relation to the use of your personal data, please contact our Compliance Officer at [email protected]
You have a right to lodge a complaint in relation to our processing of your personal data with the Information Commissioner’s Office. The helpline number is 0303 123 1113.
If you require any further information in relation to this Privacy Notice, please contact our Compliance Officer at [email protected].
We may update this notice from time to time to reflect changes in the way we process your personal data or to clarify information we have provided.
Complaints procedure
If you wish to register a complaint, please write to the Compliance Officer, Alex Odd on [email protected].
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4 567.
You are not certain to make money – you may suffer a loss.
A copy of our pillar 3 disclosure is available on request. To receive a copy please write to us or contact [email protected].
Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.
Tyndall Investment Management is a trading name of Odd Asset Management Limited which is authorised and regulated by the Financial Conduct Authority, registration number 660915
Tyndall Investment Management
5-8 The Sanctuary, Westminster, London SW1P 3JS
+44(0)20 3 897 2302
[email protected]
Pillar 3
A copy of our pillar 3 disclosure is available on request. To receive a copy please write to us or contact [email protected].
RTS 28 report
Please click here to access a copy of our RTS 28 report
Stewardship Approach
Please click here to access a copy of our Stewardship Approach document.