Robeco Institutional Asset Management UK Limited

RIAM UK is a limited liability company under the laws of England and Wales and based in London. RIAM UK offers sales and marketing on behalf of Robeco Institutional Asset Management B.V. (“RIAM B.V.”), discretionary investment management and advisory services to professional clients and portfolio management services. RIAM UK was incorporated on 19th December 2023. These financial statements have been prepared for the first time for the financial period from 19 December 2023 to 31 December 2024. RIAM B.V. sold the business and assets of its UK Branch to RIAM UK on 1 October 2024 for EUR 1. The 'predecessor value method' has been applied as the accounting treatment for the acquisition of the business and assets of the UK branch of RIAM B.V. Under this method, the assets and liabilities of the acquired business are recognised at their carrying values as of the acquisition date. Prior to the acquisition, the equity of the UK branch was distributed as a dividend to RIAM B.V, resulting in a carrying value of GBP 1 for the UK branch. The delegated Assets Under Management (“AUM”) for RIAM UK amounts to GBP 16.9 million on the 31st of December 2024. For the Robeco Group, total client assets (assets managed, sub-advised, advised or distributed by Robeco) amounted to EUR 214.1 billion as of 31 December 2024. RIAM UK is a wholly owned subsidiary of Robeco Holding B.V. (“the Group”) in the Netherlands and an indirect wholly owned subsidiary of ORIX Corporation in Japan. RIAM UK’s sales and marketing distribution activities relate to the promoting the suite of investment capabilities managed in discretionary mandates, UCITs and AIF products by its sister company, RIAM B.V. In addition, RIAM UK provides investment management services, including portfolio management through sub-delegation agreements. RIAM UK is authorised and regulated by the Financial Conduct Authority (”FCA”) to provide sales and marketing services and is authorised to provide investment management services to professional clients. Under its authorization, RIAM UK is authorised to perform the following activities: - Advising on investments - Arranging (bringing about) deals in investments - Making arrangements with a view to transactions in investments - Managing Investments - Dealing in investments as agent In accordance with the liquidity requirement within IFPR, MiFIDPRU investment firms shall hold an amount of liquid assets equivalent to at least one third (1/3) of the fixed overhead requirement (FOR), being GBP 3.4 million for 2024. All relevant capital and liquidity requirements to which RIAM UK is subject are being met. RIAM UK has a Board of Directors consisting of three statutory Directors and supported by a Company Secretary. Guidance and advice are provided by an independent Senior Compliance Officer (also called local compliance officer), who also reports on Compliance matters within RIAM UK. The UK Board is RIAM UK’s statutory managing board and is responsible for the management of RIAM UK. The UK Board is ultimately responsible for setting the strategy, objectives and overall direction and overseeing and monitoring management decision-making. The UK Board consists of the UK Business Manager / Chief Executive, Head of Investments and Head of Distribution. The UK Board meets on a quarterly basis and includes representations from corporate departments including, but not limited to, Risk Management, Finance, Human Resources, Legal, Compliance and Internal Audit, when appropriate. RIAM UK is a standalone MiFID Investment Firm distributing RIAM B.V.’s UCITs and AIFs through a sales and marketing distribution agreement and providing discretionary portfolio management services. These activities are provided to professional clients, including (but not limited to) institutions, pension funds, banks and asset managers. RIAM UK typically earns a management fee of bps over the delegated assets under management. Fees accrue per day are paid to RIAM UK periodically. This is documented in a delegation agreement between RIAM UK and RIAM B.V. In addition, RIAM UK earns fees for distribution activities related to funds managed by RIAM B.V. This is also based on certain basis points (“bps”) over the distributed AUM. - RIAM UK never holds or owns client assets. Client assets are always held by the client through an account in its own name with a custody or depositary bank selected by the client. The client provides a power of attorney to RIAM UK (or RIAM B.V.) to trade the assets in the name of the client and held in the client’s custody account. - RIAM UK markets investment strategies through discretionary portfolio management mandates. - RIAM UK also distributes and promotes RIAM B.V.’s suite of UCITS and AIFs to professional clients.