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Please find below a selection of recent articles and news relating to Daedalus and our investment opportunities. Please click through to see more.
Daedalus Partners Highly Commended At The EISA Awards
Daedalus Partners LLP Announced As Growth Investor Awards Winner
Calvino Noir receives strong featuring on the App Store (iOS)
The Marksman: Restaurant Reviews
Daedalus Partners Announced As Growth Investor Awards Finalist
This FT Special Report contains articles which support each of our investment themes (International Bandwidth SEIS/Telecom Opportunities SEIS/Tesseract Interactive SEIS). The report outlines the importance to major telecoms companies of increased bandwidth/network capacity to satisfy customer demand, the rapid growth of the mobile phone market in emerging markets, and the potential returns available to mobile games developers as the industry is set to overtake traditional console games for the first time.
Daedalus Partners was awarded “Highly Commended” status in the “Best SEIS Fund Manager” category for the second consecutive year, at the 2015 Enterprise Investment Scheme Association (EISA) awards at the House of Lord on 11th February 2016.
The EISA is the official trade body for the Enterprise Investment Scheme and works closely with HM Treasury, HM Revenue and Customs, Government Ministers, MPs and the FCA to enhance the EIS and promote the benefits of the scheme to investors and companies using EIS / SEIS and their respective advisers.
The awards are the highlight of the annual Chairman’s Reception at the House of Lords, and are designed to recognise excellence in the industry.
We are delighted to once again have been recognised for our achievements as an SEIS Fund Manager.
Daedalus Partners is delighted to announce that it was awarded “Best SEIS Investment Manager” at the inaugural Growth Investor Awards, which recognises impact beyond investment in the UK SME finance industry.
The Best SEIS Investment Manager award, sponsored by RW Blears, recognises a top performing fund manager specialising in Seed Enterprise Investment Schemes. Judges looked at impact on the investee company, product development and adviser outreach.
Daedalus Partners triumphed against Jenson Funding Partners and Symvan Capital. The Award was presented at a black tie dinner attended by 300 guests at the Marriott Grosvenor Square in Mayfair by Frank Daly, Partner at RW Blears.
A two stage judging process to identify 12 winners from 36 finalists was supported by a panel of 35 independent judges. Daniel Kiernan, Intelligent Partnership's Research Director who headed up the shortlist, commented: “By designing a judging process around impact beyond investment on investee companies, the Growth Investor Awards enables the industry to demonstrate its unique contribution while differentiating its leading players. The credibility and prestige of these awards comes from an influential Advisory Board and an eminent panel of independent judges.”
Daniel Kiernan added: “An early leader in SEIS funding with a good track record, Daedalus impressed judges with its highly organised, efficient approach; its engagement with investors; and its work to build profile with advisers.”
Opening the ceremony, IP's Managing Director Guy Tolhurst said: "Tonight we honour those innovating in financial services and putting investment to work in SME’s. They do things differently. They don’t see venture capital schemes as just a way to save their clients’ tax. They see businesses that can innovate, grow and create new jobs - and in doing so they make us all more prosperous."
The economic importance of tax advantaged venture capital schemes was a theme for two keynote speeches at the ceremony. The Financial Secretary to the Treasury, David Gauke MP, highlighted the broader economic impact of the billions that has been invested in SMEs through EIS, SEIS and VCT in terms of employment and tax contributions.
David Gauke, said: “It’s important to acknowledge the key role played by growth investors in helping small businesses start, expand, and reach their full potential. The government provides a range of support to encourage this type of investment, including through the tax-advantaged venture capital schemes which have supported more than 22,000 companies to access over £17.5 billion of investment. Without access to the finance they need to develop their vision, companies with great ideas would struggle to fulfil their potential, and Britain would lose out.”
Visit www.growthinvestorawards.com/winners for a full list of all winners and runners up.
We are pleased to announce that Daedalus Partners LLP has been shortlisted for the Best SEIS Investment Manager for the 2015 Growth Investor Awards, which recognises impact beyond investment in the UK SME fund management industry.
Daniel Kiernan, Research Director of Intelligent Partnership, who headed up the shortlist, commented: “The judging criteria for the Growth Investor Awards was designed in consultation with the industry to ensure it is truly reflective of what is driving improvement and innovation. It’s great to see such a high standard of entries in the inaugural year of these awards and fascinating to see how finalists are adding value while enabling growth. The shortlist has demonstrated that there is real innovation and impact in this industry.”
Commenting on the importance of tax efficient investments to the UK economy, Sarah Wadham of the EISA said: “Some of our bigger companies are not developing new jobs, and in fact downsizing and shedding employees. Practically all growth in employment is coming from SMEs and they are largely funded by the Enterprise Investment Scheme. These companies don’t have any assets and banks can’t lend to them in their early stages so EIS and SEIS has really fuelled growth and innovation.”
Visit www.growthinvestorawards.com/shortlist for a full list of all finalists and information on how to attend the event.
Daedalus Partners LLP is a limited liability partnership registered in England and Wales with registration number OC365551. Its registered office is at 4th Floor, 59 Grosvenor Street, London,
W1K 3HZ. A list of members of the LLP is available upon request.
Daedalus Partners LLP, is authorised and regulated by the Financial Conduct Authority (Register number 564221), see http://www.fca.org.uk/register for registration details.
Information on this site is for general information only and is not intended to provide legal or other professional advice. You should not place any reliance on any such information. Although we do our best to ensure that information on this website is accurate and up to date, we make no representation or warranty of any kind about the accuracy, completeness or suitability for any purpose of any such information. We may make changes to the material on this website at any time without notice.
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Daedalus Partners LLP (‘The Partnership’)
PILLAR 3 DISCLOSURE
As at 31st March 2016
The Capital Requirements Directive (‘the Directive’) of the European Union establishes a revised regulatory capital framework across Europe governing the amount and nature of capital credit institutions and investment Partnerships must maintain. In the United Kingdom, the Directive has been implemented by the Financial Conduct Authority (‘FCA’) in its regulations through the General Prudential Sourcebook (‘GENPRU’) and the Prudential Sourcebook for Banks, Building Societies and Investment Partnerships (‘BIPRU’).
Frequency of Disclosure
It is the intention of the Company to update its Pillar 3 on an annual basis (after the previous year’s annual accounts have been audited and finalised, unless circumstances warrant a more frequent updated. Disclosures will be published as soon as practicable following any revisions. The Company makes its Pillar 3 disclosure via its company website.
The FCA framework consists of three ‘Pillars’:
Pillar 1 sets out the minimum capital amount that meets the Partnership’s credit, market and operational risk;
Pillar 2 requires the Partnership to assess whether its Pillar 1 capital is adequate to meet its risks and is subject to annual review by the FCA; and
Pillar 3 requires disclosure of specified information about the underlying risk management controls and capital position.
The rules in BIPRU 11 set out the provision for Pillar 3 disclosure. This document is designed to meet our Pillar 3 obligations.
We are permitted to omit required disclosures if we believe that the information is immaterial such that omission would be likely to change or influence the decision of a reader relying on that information.
In addition, we may omit required disclosures where we believe that the information is regarded as proprietary or confidential. In our view, proprietary information is that which, if it were shared, would undermine our competitive position. Information is considered to be confidential where there are obligations binding us to confidentiality with our customers, suppliers and counterparties.
We have made no omissions on the grounds that it is immaterial, proprietary or confidential
Scope and application of the requirements
Daedalus Partners LLP (“the Partnership”) is authorised and regulated by the Financial Conduct Authority and as such is subject to minimum regulatory capital requirements. The Partnership is categorised as a limited licence firm by the FCA for capital purposes. It is an investment management firm and as such has no trading book exposures.
The Partnership is not a financial holding company as defined by FCA regulations and so is not required to prepare consolidated reporting for prudential purposes.
The Partnership is governed by its Members who determine its business strategy and risk appetite. They are also responsible for establishing and maintaining the Partnership’s governance arrangements along with designing and implementing a risk management framework that recognises the risks that the business faces.
The Members determine how the risk our business faces may be mitigated and assess on an ongoing basis the arrangements to manage those risks. The Members meet on a regular basis and discuss current projections for profitability, cash flow, regulatory capital management, and business planning and risk management.
The Members manage the Partnership’s risks business though a framework of policy and procedures having regard to relevant laws, standards, principles and rules (including FCA principles and rules) with the aim to operate a defined and transparent risk management framework. These policies and procedures are updated as required.
The Members have identified that business, operational, and credit risks are the main areas of risk to which the Partnership is exposed. Annually the Members formally review their risks, controls and other risk mitigation arrangements and assess their effectiveness. Where the Members identify material risks they consider the financial impact of these risks as part of our business planning and capital management and conclude whether the amount of regulatory capital is adequate.
The Partnership is a Limited Liability Partnership and its capital arrangements are established in its Partnership deed. Its capital contains only members’ capital contributions.
Our Partnership is small with a simple operational infrastructure. Its market risk is limited to foreign exchange risk on its accounts receivable in foreign currency, and credit risk from management and performance fees receivable from the funds under its management. The Partnership follows the standardised approach to market risk and the simplified standard approach to credit risk.
The Partnership is subject to the Fixed Overhead Requirement (‘FOR’).
The Partnership is a limited licence firm and as such its capital requirements are the greater of:
• Its base capital requirement of €50,000; or
• The sum of its market and credit risk requirements; or
• Its Fixed Overhead Requirement
We have not identified credit risk exposure classes or the minimum capital requirements for market risk as we believe that they are immaterial in the context of our business.
The FOR is calculated as an amount that is equal to one quarter of the firm's relevant fixed expenditure calculated in accordance with GENPRU 2.1.54 R.
The most recent audited report and accounts shows a FOR of £58,974, which is greater than the base capital requirement of €50,000.
As market and credit risks are considered immaterial then we believe that our FOR of £58,974 adequately defines our capital requirements and is well within the level of capital held by the Partnership.
We consider this amount to be sufficient regulatory capital to support the business and have not identified any areas which give rise to a requirement to hold additional risk based capital.
Legal and Pillar 3 Disclosure