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LH NR UK (Management) LLP – MIFIDPRU 8 Remuneration Disclosure Statement –
Financial Year 1 July 2021 - 30 June 2022

LH NR UK (Management) LLP (“the Firm”) is authorised and regulated by the Financial Conduct Authority (“FCA”) as a MIFIDPRU Investment Firm, and is categorised under the FCA prudential regime for MiFID investment firms (“MIFIDPRU”) as a Small Non-Interconnected Firm (“SNI”). The Firm must make an annual disclosure in relation to its remuneration policies and practices per MIFIDPRU 8.6.

The Firm’s most recent audited financial statements were for a financial year ending before 31 December 2022, for a remuneration performance period which commenced before 1 January 2022. Therefore, per the transitional provisions within MIFIDPRU TP 12.8, the Firm has prepared its remuneration disclosure under paragraphs 11.5.18R to 11.5.20R of the FCA’s Banks, Building Societies and Investment Firms Prudential Sourcebook (“BIPRU”). The Firm will be required to make its first disclosures under the MIFIDPRU 8.6 rules for its next remuneration performance period ending in 2023.

Remuneration disclosure

The Firm’s remuneration systems, controls, policies and procedures take into account the nature, scale and complexity of the Firm’s business activities. The Firm maintains a Remuneration Policy in compliance with the BIRPU Remuneration Code. In particular, this policy ensures that remuneration arrangements of BIPRU Remuneration Code Staff:

  • Are consistent with and promote sound and effective risk management;

  • Do not encourage excessive risk taking;

  • Include measures to avoid conflicts of interest; and

  • Are in line with the Firm’s business objectives, strategy and long-term interests.
     

The Firm does not maintain a Remuneration Committee. Fixed remuneration is set by the designated members based on the level of seniority and nature of the role of the individual Remuneration Code Staff member. Variable remuneration is also set by the designated members based on an individual’s performance, and which may take into account a number of relevant metrics including returns generated by the Firm and the North Rock group as a whole. The Firm provides only portfolio management services, thus has in practice only a single business unit. Proportionality is applied by the Firm when implementing Principle 12 of SYSC 19C. Total compensation awarded to the Firm’s Remuneration Code Staff for the financial year 2021-2022 was $5,437,924.54.

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