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Annual report 2024 The year we now head into is one in which recovery can take root across the world, without the heavy burden of rising inflation and with the tailwind of falling interest rates.

Detailed disclaimer Risk warnings Past performance is not a guide to future performance. The value of investments and the income of any financial instruments mentioned in the website may fall as well as rise, and investors may get back less than the amount originally invested. Fluctuations in exchange rates may have a positive or an adverse effect on the value of foreign-currency denominated securities and financial instruments. Certain investments involve an above-average degree of risk and should be seen as long-term in nature. The investment products and services described in the website may have tax consequences. Any tax reliefs referred to are those currently available and their value depends on the circumstances of the individual investor. You acknowledge that levels and bases of taxation may change, and that Albemarle Street Partners (ASP) does not provide tax advice. You should consult your own tax adviser in order to understand the tax consequences of the products and services described in the website. Copyright The copyright and all other rights in all of the material on this website are owned by ASP or the material is included with the permission of the rights owner. The information contained in this website is intended solely for the use of the person who has accessed this information and may not be reproduced, distributed or published to any other person. You may copy material on this website for your own private or domestic use only. All other copying is prohibited. Links to other websites On this website you may be offered automatic links to other non-ASP websites. These links are provided only as convenience. ASP does not accept any responsibility for the content of those websites or your use or inability to use such websites, the owners of which do not necessarily have any link, commercial or otherwise, with ASP. The inclusion of any link does not imply affiliation, sponsorship, endorsement, verification or monitoring or approval by ASP of any information contained in any non-ASP website. You should also be aware that the terms and conditions of such website and the website’s statement relating to the collection and use of your personal information may be different from those applicable to your use of this website. Products and services The information contained herein is current at the date of publication, but is subject to change without notice. ASP has expressed its own views and opinions on this website, and these may change without notice. This website is not directed at you if ASP is prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. None of the information contained on this website is intended to constitute any offer to sell or an invitation or solicitation of an offer to buy any product or service by ASP and must not be relied upon in connection with any investment decision. Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

Working with advisers Join other independently-minded advisers Being part of our community gives advisers the platform, both virtually and physically, to share ideas, leverage each other’s knowledge, solve problems, and come together for networking opportunities and events. Supporting advisers It takes a true partnership to help clients achieve their goals. Combining the best of financial planning, investment management and client service. Marketing support Marketing material to help you with the on-going communication with your clients. Reporting and commentary Regular reporting on all portfolios, market commentary and rebalancing notes. Events and webinars In person events to network with peers, and monthly webinars to keep you updated on our market views. Client communication Bespoke communication to help you on-board and communicate to your clients. Operational on-boarding support We have great relationships with all the relevant platforms and look to support you with any onboarding issues. Dedicated portal We offer dedicated portals with all the relevant factsheets, commentary and support material. We use Albemarle Street Partners illustration tool for an initial longer-term view of our clients’ potential investment journey, but it is also really useful for educating less experienced clients about the concept of investment risk, variable returns and the risk of running out of money. Paul Blight Head of Wealth Management, Tier One Capital The advisers in our community collaborate peer-to-peer. Alongside our annual conference the community meets throughout the year to explore the challenges of leading independent firms, showcase specialised insight around specific client groups and debate and discuss the latest market and investment trends. Charlie Parker Managing Director, Albemarle Street Partners Stay informed Empowering independent advisers with the latest insights and market updates. Sign up Get in touch Eleanor Williams Partnerships Director +44 020 7043 0100 eleanor.williams@aspim.co.uk Nathan McKerlie Partnerships Manager +44 07931 324 963 nathan.mckerlie@aspim.co.uk Sarah Kennedy Partnerships Manager +44 07931 324 888 sarah.kennedy@aspim.co.uk Ollie Vickers Partnerships Manager +44 07376 452 145 ollie.vickers@aspim.co.uk Press office: asp im@sharecomms.co.uk Follow us on LinkedIn Investor's guide to market Are you seeking resources to enhance your client discussions? Working closely with clients, we have crafted straightforward visuals that illustrate fundamental investment concepts in our investors' guide to markets. Get your free guide > Illustrations to support retirement planning Our free portfolio illustration tool supports the FCA's emphasis on retirement scenario planning. It assists advisers with clients during the decumulation and drawdown phase and helps strengthen the due diligence process. Find out more > Helping advisers thrive in their next steps Do you want to start your own business or elevate your existing business to the next stage of growth? Our business workshops are designed to help you with your next steps. Request workshop > Building a centralised investment proposition Building a centralised investment proposition. We work hand in hand with advice firms to create a centralised investment proposition which aligns with their advice philosophy and the specific needs of their clients. Find out more >

Building a centralised investment proposition Centralised Investment Propositions (CIPs) offer greater consistency, enhanced risk management, improved compliance, scalability, and tailored solutions for clients. CIPs are transforming adviser businesses by delivering better client outcomes, enabling scalable growth, and streamlining operational efficiency. In a Consumer Duty-led environment, they provide a robust framework for demonstrating value, service quality, and ongoing compliance. Request our guide > Getting started Before you get started, we have outlined some key steps to think about. Understanding your clients Consider the needs of your clients carefully; their investment needs, attitude to risk, level of understanding and their vulnerabilities before designing and adopting a CIP approach. Determining objectives and investment requirements A CIP must deliver competitive investment outcomes and offer demonstrable value for money. Consider the investment objectives of your clients and what specific outcomes they are looking for and what their tax and communication needs are. Decide whether you need external support Decide whether you have the resources and expertise to do this in house, or whether you need some additional external resource to help. Detailed research and due diligence Have a clear and detailed product government framework to segment and monitor products and services you use with clients. Proper research and due diligence should be conducted to meet the specific needs you have identified in your segmentation work. Setting up your CIP Spend time creating your investment policy, thinking about which platform(s) you want to use, how you will manage your investment committee and what material you might need to support clients. Launch to clients When you are ready to take your CIP to clients, be clear about your proposition and how it benefits clients and explain when and how they will receive updates. Ongoing support and deliverables Post launch, ongoing review periods and open dialogue is key. Be clear from the start on your expectations and the support you require from any external partners in order to service your clients. Request our guide > Centralised investment propositions Play Video Play Video 24:08 Creating a centralised investment proposition Charlie Parker and Chris Holdoway share the challenges and advantages of creating a successful centralised investment proposition (CIP). Play Video Play Video 33:52 The rise of managed portfolio services (MPS) This episode explores the increasing dominance of managed portfolio services (MPS) and how they work alongside multi-asset funds. Play Video Play Video 36:55 Mastering CIPs and CRPs: A comprehensive guide for advisers Nathan McKerlie hosts Andy Parsons, Head of Investments and Protection at Defaqto, for an insightful discussion on the steps that advisers need to take when establishing a CIP or CRP. Play Video Play Video 39:47 Creating a retirement proposition Charlie Parker and Karl Dines, Open Door Policy, discuss the significance of Centralised Investment Retirement Propositions (CIRP) and product governance in meeting client needs. The FCA's expectations for positive client outcomes and market research are highlighted. Karl also addresses the challenges of market research and the tools available for platforms and investments. Partnering to deliver better client outcomes By partnering with us, firms gain a structured, repeatable investment process that drives consistency, reduces risk, and supports long-term client success. Speak to our team

Wisdom Shared Annual investment conference 6th - 7th October 2026 Carden Park Hotel, Cheshire First name* Last name* Email* Will you require accommodation on 6th October * I would like to hear about options for accommodation the night before the conference (5th October). Register Thank you for registering. More details to follow. Location Carden Park Hotel, Broxton Road, Nr Chester, Cheshire, CH3 9DQ Wisdom Shared 2025 Our annual event, gathering the whole Albemarle community for two days of continuing professional development, networking and sharing challenges and opportunities. Our flagship investment conference 2025 edition Wisdom Shared 2025 featured inspirational speakers, expert advisers and the Albemarle team coming together to discuss the hot topics impacting the adviser community and their clients. To share ideas and to listen to informative speakers is vital to my development as a business owner. Russell Partington Independent Financial Adviser Maplewood Financial Solutions The advisers in our community collaborate peer-to-peer. Alongside our annual conference the community meets throughout the year to explore the challenges of leading independent firms, showcase specialised insight around specific client groups and debate and discuss the latest market and investment trends. Charlie Parker Managing Director Albemarle Street Partners Know more about our events Receive our latest insights and updates, designed for independently-minded advisers. Find out more

Atlantic House Group board of directors Chris Macdonald Chairman Chris is a co-founder and former Chief Executive of Brooks Macdonald plc. Chris has over 30 years’ experience in investment management and financial services. He has held several Non Exec and Chair roles for both private and public companies over the past 15 years. As well as being Chair of Atlantic House he currently holds a number of advisory and consultancy roles in investment and wealth management as well as being an associate of the Institute of Continuing Professional Development. Tom May Chief Executive Tom is the Chief Executive & Chief Investment Officer of the Atlantic House Group. As well as running the business on a day-to-day basis, Tom oversees the firm’s investment mandates and is a lead manager of the Atlantic House Defined Returns Fund. Prior to founding Atlantic House in 2008 with two partners, Tom had a long career at Citigroup, culminating as Head of European Securitised Equity Derivatives and Secondary market trading. Andrew Lakeman Executive director Andrew was an original founder of Catley Lakeman May, the firm that became Atlantic House Group and was responsible for driving the firm’s distribution strategy. Before starting the firm, Andy was a director in equity derivatives business at Citigroup. He joined in 2005 to build out their Structured Product Business to UK asset managers. Prior to this, Andy worked in asset management for AXA Investment Management, Threadneedle and John Govett. Andy now lives in Australia and is working to develop the firms strategy in Australia, New Zealand and Asia. Robert Brown Non-executive director Robert was CFO and a founder partner of Marshall Wace LLP, one of Europe’s leading hedge fund managers, with assets under management in excess of $65 bn. He retired from the Partnership in 2010 since when he has held a number of advisory and non-executive roles. Prior to joining Marshall Wace he qualified as an accountant and spent 13 years in various management roles within the Equity business of SG Warburg and successor companies. He divides his time between the UK and Portugal. Mike Vogel Non-executive director Mike has over 40 years of experience in the asset management industry originally with M&G then Prolific where he became group CEO in 1992. In April 1995, he joined Framlington as the Chief Executive, where he oversaw significant growth in the value of the business. He left Framlington in June 2003 in order to establish Elcot Capital Management Limited. From 2007 to 2021, Mike was Chairman of Premier Asset Management Limited, now Premier Miton Group PLC, a listed asset management company. He is also a director of The Think Digital Group Limited. Luke Wiseman Non-executive director Luke is a Director of Elcot Capital Management. Prior to joining Elcot, Luke was Managing Director of Steel Partners (UK) from 2005 to 2010, having previously been a Portfolio Manager at Carlson Capital. In addition to his role on the Atlantic House Group board, Luke is currently a non-executive director for Oodle Financial Services and Think Digital Group. Albemarle Street Partners is part of the Atlantic House Group

Events Throughout the year, we host a variety of online and in-person events for our adviser community and beyond, and we’re also out on the road at third-party events. You can see a selection of the events we run for advisers below. To stay up to date, visit this page or email us at team@aspim.co.uk . Wisdom Shared 2025 Bringing together leading experts and insightful speakers to explore the topics that matter most to our community. Find out more > Rising stars Our Rising Stars event is focused on supporting new advisers. The sessions focus on developing a client bank, long-term personal business planning and entrepreneurial skills. Find out more > Market drop-in Monthly market drop-in, bringing together the community for timely market updates with our CIO, Fahad Hassan. Get in touch If you would like to discuss your specific requirements, please contact the team directly or email team@aspim.co.uk .

Consumer Duty The Consumer Duty is a regulatory approach which was brought into force by the Financial Conduct Authority in 2023. It's designed to ensure that consumers are placed at the heart of every decision taken by firms such as ours. The Duty sets high standards of consumer protection across financial services and requires firms to put customers' needs first. Our commitment Value for money We are dedicated to meeting Consumer Duty requirements and improving customer satisfaction by offering valuable products and services at fair prices, ensuring costs do not hinder long-term customer success. Outcome-focused We actively foster strong governance and a customer-centric approach to create a continuous improvement in outcomes. Continuous improvement We are constantly exploring ways to assist financial advisers with key issues that affect outcomes, including effective communication with anxious investors and those with vulnerabilities. Our approach to Consumer Duty Overarching principle The overarching principle of the Duty ensures that a firm must act to deliver good outcomes for retail investors. Cross-cutting rules These rules state how firms must act in order to deliver good outcomes for retail investors. The overarching principle of the Duty is to act in good faith towards retail customers Avoid causing foreseeable harm towards retail customers. Enable and support retail customers to pursue their financial objectives, this ensures that a firm must act to deliver good outcomes for retail investors. The four outcomes The Duty has four key outcomes: Products and services Fair price and value Consumer understanding Customer support Products and services The first outcome under the Duty ensures that when we design and deliver our service we meet the needs and characteristics of a clearly-defined target market of clients. This drives us to maintain a strong product governance strategy, ensuring that customers’ interests are central to every decision, from inception and through the entire life cycle of our offerings. Our strategy to continually improve the outcomes we deliver includes:  Being crystal clear in our focus on outcomes:  We are dedicated to precisely defining the outcomes we aim to achieve, allowing us to tailor products and services that align effectively with customers’ goals. For our portfolios, this means setting clear estimated returns and ensuring costs and charges do not overly erode them. The returns must be aligned with the reasonable expectations of our customers, relative to the risks they are taking by investing. By measuring our product design against these estimated returns, we prioritise consumers’ actual outcomes over simply comparing ourselves to our peers. Each year, estimated returns are reassessed, and ongoing costs are tested against them. Proactive reviews:  Our data-centric approach provides an 'early warning' mechanism for portfolios that may deviate from desired outcomes, enabling swift intervention to ensure continued service relevance. Learn more about our target market here. Fair price and value At the heart of our commitment to the Duty is a promise to deliver products and services that offer genuine value at a fair price. While good investment performance is a key component, it’s not the only measure of value. We understand that active investment decisions can lead to periods of underperformance. What truly matters is how we rigorously examine and challenge ourselves during these periods and how we ensure that portfolio costs and charges never hinder the achievement of long-term customer outcomes. Our approach to assessing value for money is anchored in several core principles: Portfolios are evaluated for their potential to meet estimated returns, aligned with the level of risk customers take. If they fall short, we take decisive action to address it. Costs and charges must align with returns, ensuring investor outcomes remain robust and uncompromised. Transparency in our charges is important, allowing investors to compare our services with other viable options. We integrate a variety of value drivers into our assessments, such as whether the portfolio meets specific ESG criteria, delivers income targets or meets specific currency needs. Exceptional service is a vital driver of value for money. Our offerings work to enhance customer understanding, empowering financial advisers to recommend the most suitable portfolios to their clients. You can explore our latest value assessment here. Consumer understanding We work exclusively with professional financial advisers, rather than retail investors, because we believe that expert financial advice unlocks good consumer understanding of investments. When consumers receive clear, understandable information about their investments, they are empowered to avoid pitfalls such as taking on excessive risk or reducing their stock market participation due to anxiety.  Our work to improve customer understanding includes:  Continually refining and testing the language we use to describe our portfolios, especially in terms of their 'riskiness.' Collaborating with our network of financial advisers to share valuable insights on effective communication and identify any anomalies. Offering an extensive range of market commentaries, educational resources, and portfolio analysis tools to support the advice process. We consistently seek feedback from our clients throughout the year to ensure our materials are effective. Proactively educating our financial adviser clients on critical issues where poor consumer understanding can negatively impact investor outcomes, such as communicating effectively with anxious investors and those with hidden vulnerabilities. Customer support Our aim is to ensure every customer receives the assistance they need swiftly and effectively, eliminating any obstacles that might hinder their decision-making process. Delivering great customer support is at the heart of our business. We have developed digital tools to empower our financial adviser clients with insightful portfolio comparisons, data-driven illustrations, and timely market insights.  Our approach to customer support remains highly personal and we take pride in the accessibility and dedication of our entire team to address our clients' daily needs.  We actively seek structured feedback from our clients to ensure we are getting this right.  Important documents and helpful information MPS Portfolios Value Assessment Prima Fund Value Assessment Prima Fund Target Market MPS Portfolios Target Market

Disciplined approach to investment management Our investment strategy is based on a disciplined, data-led, and academically robust approach. We value market signals, anticipate trends, and use real-time data to understand economic conditions. Turning data and insight into smarter decision making Prepare, don't predict We invest for the world as it is today but prepare for a variety of future outcomes. We recognise that the cost of money is the primary driver of asset class performance which is not always possible to predict. Diversify ideas Diversification plays a crucial role in assisting clients in achieving their financial objectives. A globally diversified approach helps prevent excessive reliance on a limited number of asset classes, factors, or strategies, while also safeguarding against behavioural biases. Adapt and respond It's important to be aware of what could damage portfolios if the world changes unexpectedly. Our signals-based approach helps inform us when significant change is occurring. Why data and market signals matter Separating skill from market noise We focus on whether a fund manager’s outperformance comes from skill or market style. Individual skill alone isn’t enough if conditions aren’t favourable. Using factor screens and value-for-money analysis, we determine if active managers add meaningful value over passive alternatives. Tom May Group CEO and CIO Atlantic House Investments Tom is the Chief Executive & Chief Investment Officer of the Atlantic House Group. As well as running the business on a day-to-day basis, Tom oversees the firm’s investment mandates and is a lead manager of the Atlantic House Defined Returns Fund. Prior to founding Atlantic House in 2008 with two partners, Tom had a long career at Citigroup, culminating as Head of European Securitised Equity Derivatives and Secondary market trading. Charlie Parker Managing Director Charlie is responsible for the overall strategy of Albemarle Street Partners. He was previously the head of portfolio management for Sanlam UK and a director of Neptune Investment Management. He began his career as an investment journalist and commentator for both the print and broadcast media. Fahad Hassan Chief Investment Officer Fahad is a CFA Institute charter-holder with extensive experience managing investments for institutional and retail clients across the world. He previously worked for Legal & General Investment Management. Chris Holdoway Head of Investment Management Chris is responsible for the management, structure, delivery and oversight of investment management for Albemarle Street Partners, as well as overseeing development of our client facing technology. He is a Chartered FCSI and has extensive experience working with financial advisers and their clients. He sits on the investment committee as well as the risk, audit and compliance committee for Atlantic House Investments. Frank Talbot Head of Investment Research Frank is responsible for investment research. He joined the team following two decades at Citywire, with fund analysis experience there spanning UK, European, and US markets. Frank's focus is understanding what is really motivating the investment decisions of fund managers, strengthening our investment process and the value we offer our clients. Harry Children Senior Investment Manager Harry is a Chartered Wealth Manager and plays a central role in portfolio management. He oversees relationships with an extensive network of adviser firms while driving trading, performance monitoring and risk oversight to ensure portfolios remain aligned with client objectives. Jack Roberts Fund Manager Jack Roberts, CFA is a lead fund manager on the Atlantic House Balanced Return Fund. Jack joined Atlantic House Group in 2017 during a year-long work placement, and returned in 2019 after completing his Economics degree from the University of Bath. He has extensive knowledge in derivatives-based solutions. Tia Duffy Investment Manager Tia, who graduated with a 2:1 in Economics from the University of Bath, joined the portfolio management team after completing a placement year in 2023. Tia has passed the PCIAM and is studying to become a Chartered Wealth Manager, she is responsible for analysing and monitoring client portfolios. James Bluff Investment Manager James joined the portfolio management team as an investment assistant in 2023. He graduated with first-class honours in Economics from the University of Liverpool and is responsible for analysing and monitoring client portfolios. James is currently studying to become a Chartered Wealth Manager. Russ Bubley Head of ESG and Quantitative Analysis Russ is responsible for formulating and developing our ESG policy as well as ensuring our adherence to it. He is the founder of "i for change", a specialist consultancy providing due diligence and guidance to social enterprises seeking to invest. He was previously a senior investment banker at Citigroup. Our investment team Get in touch To find out more about our investment approach, please request a copy of our DDQ or contact us on team@aspim.co.uk .

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