Gilt Service
Our gilt service is designed for clients who are seeking a low-risk, short-term yield strategy, investing in government backed securities.
Investing in Gilts?
Our gilt service provides a balanced approach to capital preservation and potential returns for investors seeking a secure and attractive investment option.
The strategy behind our gilt service involves investing in a diversified selection of gilts, with varying maturities. This approach aims to provide investors with liquidity as the gilts mature.
By investing in gilts with low coupon payments, there is the potential to achieve a greater net return on short term liquidity due to gilts being free from capital gains tax for individuals.
While the standard service would invest your monies equally between four gilt issues maturing roughly six months apart, the service is able to cater to your specific circumstances as investors are able to hold as many or as few gilts as they wish.
With our focus on monitoring market conditions and managing risks effectively, we aim to deliver a prudent investment service for our clients.
By investing in gilts, you will benefit from:
• A higher net return than cash in the bank
• Liquidity
• Capital preservation
• Low risk
• Reinvestment if appropriate
What is a gilt
A gilt is a type of loan issued by HM Treasury and listed on the London Stock Exchange.
A conventional gilt is a liability of the government under which it guarantees to pay the holder of the gilt a fixed cash payment (coupon) every six months until the maturity date, at which point the holder receives the final coupon payment and the return of the principal. For example, a gilt with a 2% coupon will pay £2 interest per £100 of gilt.
Frequently Asked Questions
A bond is a fixed-income investment representing a loan made by an investor to a borrower, such as a company or government. In return, the investor usually receives a fixed rate of interest, before the bond is redeemed after a set period of time. A gilt is simply a bond issued by the UK government, meaning it represents a UK government liability.
Gilts are named as so, due to the perceived security of the investment. The British Government has never failed to make interest payments or principal payments on gilts as they fall due.
No, a gilt can simply be sold in return for Great British Pounds should the need arise, such as due to a change of circumstances or to pay a tax bill. An advantage of gilts is that they are liquid, which means that usually they can easily be converted to cash without losing much value.
However, if a gilt is not held until maturity, an investor won’t benefit from the total potential return on the investment, so it is advisable to hold gilts to maturity if possible.
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Please note:
This information is for educational purposes only and should not be used to make a decision about the suitability or otherwise of a specific investment strategy. No investment is suitable in all cases and if you have any doubts as to an investment’s suitability then you should contact a professional adviser. The value of investments and any income from them can fall, as well as rise, and you may get back less than you invested. Your capital is therefore always at risk. It should be noted that stock market investing is intended for the longer term.
The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Speak to an expert today
Family Investment Companies
When looking to structure your wealth for your lifetime and future generations, there are various options to consider. One method is the use of a Family Investment Company (FIC).
Setting up a Family Investment Company
Setting up a Family Investment Company (FIC) has become a popular solution for high-net-worth individuals in recent years because it offers the ability to generate a tax efficient income and start inheritance tax planning.
A FIC is a bespoke investment vehicle structured as a private company, whose shareholders and directors are family members. FICs benefit from lower tax rates on capital gains on non-residential property, dividends and other income than personal holdings, as well as the ability to claim tax relief for fees and claim losses against other income.
A FIC can invest in any asset class, including cash, rental properties, investments and share portfolios. It is an attractive alternative to other investment structures, such as investment bonds, and should be viewed as a long-term investment vehicle.
FICs often work well for investors who have sold a business, meaning they are cash rich but no longer have a steady stream of income.
Benefits of using a Family Investment Company;
- All your trusted advisers working together under one roof
- Tailored and actively managed portfolios
- Flexibility and protection
- Total control over investment decisions
- Familiarity of corporate structure
- No upfront inheritance tax charges
- Potential tool for inheritance tax planning
- Long term tax efficient accumulation of profits
- Control over distribution of profits to maximise efficiency
Our approach to Family Investment Companies
Our investment approach for FICs is very similar to that of bespoke portfolios, tweaked to optimise for the investment structure. FIC portfolios have a slightly higher exposure to the UK and are income orientated because most dividends received by a UK company are exempt from corporation tax and the UK stock market has a strong track record for dividends.
We take a top-down sector-based approach, starting with the benchmark weight per sector before overweighting or underweighting sectors based on the macro-environment.
A multi-factor process is used to select best in class stocks within sectors, combining quality, growth and value factors. There is a focus on profit generation and strong, stable cash conversion. Finally, a qualitative overlay is employed to assess the quality of company management.
How does a Family Investment Company work?
An individual or individuals subscribe for shares in a new company and directors are appointed. Shares can be gifted to or subscribed for by other family members/family trusts. A gift of shares would be a potentially exempt transfer for IHT, meaning the value of the gift would fall out of the donor’s estate for IHT purposes if they survived the gift by at least seven years.
The majority of the funds are provided by shareholders transferring assets or lending cash. The FIC owes the shareholder the value of the assets transferred/loaned. After taking the appropriate investment advice, the directors invest the funds.
Frequently Asked Questions
One of the main benefits of using a FIC is that they generally pay tax at a lower rate on investment returns than personal holdings. A FIC will pay corporation tax at 25%, which is significantly lower than the top rate of income tax (currently 45%, or 48% for Scottish taxpayers). Most dividends received by a UK company (including foreign dividends) are exempt from corporation tax, whereas additional rate taxpayers pay income tax at 39.35% on dividends over the dividend allowance.
Capital gains realised by a FIC are chargeable to corporation tax at 25%, which is slightly higher than the current main rate of capital gains tax of 24% that would be payable by an individual. However, unlike personal holdings, FICs can claim tax relief for fees and claim losses against other income.
Please note:
This information is for educational purposes only and should not be used to make a decision about the suitability or otherwise of a specific investment strategy. No investment is suitable in all cases and if you have any doubts as to an investment’s suitability then you should contact a professional adviser. The value of investments and any income from them can fall, as well as rise, and you may get back less than you invested. Your capital is therefore always at risk. It should be noted that stock market investing is intended for the longer term.
The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
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Bespoke Investment Management
Our bespoke portfolio service is designed for investors with specific needs, which we can manage on your behalf.
Bespoke Portfolio Management
Our investment managers can assist you by constructing and managing portfolios tailored to your goals, needs and circumstances. Portfolios can be designed for income, balanced or growth objectives and all attitudes to risk.
Tapping into the depth and breadth of our asset management expertise, we can employ a selection of shares and funds across a wide range of asset classes to build a robust, performance-focused portfolio designed to meet your specific investment goals.
We have developed our innovative offering by being agile and responsive to investors’ needs, alongside the uncertainty of market conditions. Too many investors pay for poor investment performance and sub-standard service. We’re here to show that there’s a better way to invest and make the most of balancing risk and return.
Your portfolio will be designed to achieve your personal goals, in line with your attitude to risk.
Asset classes are considered first, before sector positioning and finally stock selection.
Quality, growth and value factors are combined, with a focus on profit generation and strong, stable cash conversion.
Our Approach
We take a top-down sector-based approach, starting with the benchmark weight per sector then overweighting or underweighting sectors based on macro-environment.
A multi-factor process is used to select best in class stocks within sectors, combining quality, growth and value factors. There is a focus on profit generation and strong, stable cash conversion. Finally, a qualitative overlay is employed to assess the quality of company management, which means that we consider relevant, non-numeric information such as the management team’s track record and company news.
For more information on how our bespoke service could help you, please get in touch. We can provide a portfolio review if you’re interested in moving your bespoke portfolio to us.
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This information is for educational purposes only and should not be used to make a decision about the suitability or otherwise of a specific investment strategy. No investment is suitable in all cases and if you have any doubts as to an investment’s suitability then you should contact a professional adviser. The value of investments and any income from them can fall, as well as rise, and you may get back less than you invested. Your capital is therefore always at risk. It should be noted that stock market investing is intended for the longer term.
The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Speak to an expert today
Private Wealth Services
As an investor you might have some unique or individual needs, such as tailored income, cherished assets, or a tax-constrained portfolio. This means that you might prefer to have an investment management approach tailored to your circumstances.
Private Wealth Management at Progeny
Our Private Wealth team work closely with Progeny’s financial advisers, lawyers and tax advisers to look at your situation from a holistic perspective.
By choosing to work with our private wealth team, you will benefit from services designed to enable high-net-worth individuals to achieve a higher net return on short-term investments than bank deposits, benefit from bespoke portfolios, and pass on wealth tax efficiently.
By investing with us, you will benefit from:
- Proactive management of cash flows in and out of your portfolio
- Access to a dedicated investment manager
- Regular portfolio reporting
- Complete, secure access to your portfolio online
You will benefit from an investment manager who is familiar with your investment objectives and requirements.
The assets selected and portfolio constructed will be bespoke to your individual needs.
Portfolios can be designed for a range of objectives and for all attitudes to risk.
Private Wealth Services
We provide the following discretionary managed services to help support your needs:
Our Private Wealth Team
The team is led by Craig Melling, the Director of Investment and a founding member of Progeny Asset Management in 2016.
Investment Manager Nick Astley has worked at Progeny Asset Management for 6 years, having been in the industry for 8 years, previously working at Progeny Wealth.
Craig and Nick have worked together for 6 years, building a wide range of solutions including active, passive, systematic and ESG model portfolios, in addition to developing the Private Wealth portfolios.
Investment Manager Olivia Reid joined the team in April 2024, having been in the industry for 4 years, previously working at a FTSE 100 Wealth Management company.
Hannah Bluck is an investment analyst, having worked in the industry for 2 years and joined Progeny in January 2024 via an acquisition.
The team are supported by an in-house operations team and benefit from third-party research and oversight by the Progeny Asset Management Investment Committee.
Meet our private wealth team
Frequently Asked Questions
Private wealth management is a personalised approach to investment management, rather than a generic solution which could be suitable for a number of investors.
There is no set net worth, instead it depends on the nature of your needs. However, investors’ requirements often become more complex the greater their net worth.
A financial adviser helps you to manage your money and achieve your long-term financial goals, while an investment manager constructs and manages your investment portfolio.
An investment manager specialises in investing, so can provide advice across a range of investments, including stocks and shares, bonds and funds.
Please note:
This information is for educational purposes only and should not be used to make a decision about the suitability or otherwise of a specific investment strategy. No investment is suitable in all cases and if you have any doubts as to an investment’s suitability then you should contact a professional adviser. The value of investments and any income from them can fall, as well as rise, and you may get back less than you invested. Your capital is therefore always at risk. It should be noted that stock market investing is intended for the longer term.
The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Speak to an expert
A tailored approach to Women’s Wealth
It’s important for everyone to take time to plan their financial security, but some financial challenges can especially impact women. Key challenges include the gender pay gap, low maternity pay and reduced pension contributions through periods of leave from work.
Women’s Wealth
At Progeny we have a team of financial planners who can help women manage both their current financial situation as well as plan for future wealth. Our team of experts understand that every woman’s wealth journey is different.
Whether you’re working full time or taking a career break, whether you’ve inherited from someone or are an owner of wealth, we recognise that your situation is unique. There are many factors affecting women’s finances, both in the short and long term. Therefore, having flexible plans that can change with your circumstances and being able to plan ahead, may be vital. No matter what stage of life you’re at, or whatever your wealth goals, Progeny is here to help.
We are also proud signatories of the Women in Finance Charter and actively support to increase the number of women in professional services, starting with our own team. If you would prefer to speak with a female financial planner, we will do our best to facilitate this.
As an independent wealth management firm, with the support of our in-house legal and tax experts, we’re able to work together to provide tax efficient financial advice tailored around you. We ensure that our clients are given the best advice so they can feel financially empowered.
As a proud signatory to the HM Treasury Women in Finance Charter, Progeny is committed to implementing the recommendations of the Charter which aims to encourage and support the progression of women in the Financial Services sector.
We work hard to form excellent client relationships, understand their aspirations and give the quality service and bespoke structuring they require to address their complex needs.
With offices worldwide, we offer face-to-face services globally. Our extensive network of experts ensures that we are accessible and available to your needs wherever you are.
Key considerations for women
Financial Planning for Women
Progeny’s all-encompassing approach to financial planning helps ensure all your requirements are met by one of our specialists. We offer clear information and communication to help empower women to make informed investment decisions.
Fill in the form and one of our experts will be in touch to discuss how we can help.
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Important note
Although the content of this page was correct at the time of writing, it has not been updated since. Therefore it shouldn’t be relied upon for accuracy, as it may have been subject to subsequent tax, legislative or event changes.
Frequently Asked Questions
Women’s wealth refers to the growing global wealth that is controlled by women and the tailored financial advice designed to target female clients. With more wealth in the hands of women it’s increasingly important for women to have the financial knowledge and confidence to handle assets, income and investments. Our financial planners are here to support throughout.
With many people now living longer and the average life expectancy of women surpassing that of men, retirement years need to be properly financed. You can read more on this on Our World in Data. If you plan to retire at or around the traditionally ‘expected’ retirement age, the impact on your pensions, savings and future retirement could be significant.
Yes, globally women’s wealth is rising due to many key factors. These include more women owning their own businesses or earning higher salaries in professional and leadership roles. For more information on this, read more on Forbes.
Women are also more likely to take career breaks for care giving and maternity leave, which can affect their opportunity to progress in job roles and limit pension contributions.
To narrow the gap, we need to see efforts like equal pay policies, salary transparency laws, better paid parental leave and an increase in women in higher paying leadership roles.
Please note
This communication is not investment advice. The value of investments and income from them is not guaranteed, can fall, and you may get back less than you invested. Your capital is therefore always at risk. Past performance is not a guide to future performance. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying.
Tax rules, levels and regulations are subject to change and the availability of tax reliefs will depend upon individual circumstances.
Footnotes
- Forbes: (Sept 2024) The Feminization Of Wealth: Rewriting The Narrative For Women Investors
- Unbiased: (Sept 2024) Are women better investors than men? | Unbiased
- UK Government: (February 2025) UK businesses lead the way with record numbers of female leaders – GOV.UK
- Coutts: (March 2022) The future of investing is female | Coutts
- HSBC: (March 2023) Women’s growing wealth fuels impact investing
- Empower: (January 2025) The $34 trillion shift: How women are reshaping wealth and legacy
- European Parliament: (April 2023) Understanding the gender pay gap: definition and causes
- Our World in Data: (November 2023) Why do women live longer than men?
Financial Planning For Moving Abroad
Moving abroad is an exciting opportunity, but it also comes with financial complexities. From tax implications to pension transfers and wealth structuring, expert planning ensures you make the most of your time spent abroad.
Planning for your move overseas
At Progeny, we specialise in financial planning for individuals and families moving to key international destinations, including Hong Kong, Singapore, Europe and the UAE. Our team of financial, tax, and legal experts provides tailored advice to help you navigate the regulations of your new country while ensuring you remain compliant in the UK.
We have experience supporting UK expatriates as they transition to life abroad. We work to protect and grow your wealth, so you can focus on enjoying your new cultural lifestyle.
Whether you are a professional, entrepreneur, or retiree, we’ll create a strategy that supports your long-term goals. With a fully integrated approach, we bring clarity and confidence to your international move, allowing you to relocate with peace of mind.
At Progeny we aim to achieve the very best for clients, businesses, and family offices with our diversity of expertise. Matching you with the right team of professionals, we can help you to achieve your needs and goals.
With offices worldwide, we can offer services globally and our extensive network of experts ensures that we are accessible and available to your needs.
We work hard to form excellent client relationships, understand their aspirations and give the quality service and bespoke structuring they require to address their complex needs.
Our tax experts can help you to determine your UK tax liabilities while living abroad.
Considerations for your move abroad
Relocating abroad requires careful financial planning to ensure your wealth is well-managed.
One of the first considerations is understanding the tax implications of your new country. Different tax systems, residency rules, and treaties can impact your income, savings, and wealth. Expert advice ensures you remain compliant and optimise your financial position.
Pension planning is another essential aspect. Whether you’re moving temporarily or permanently, making the right decisions regarding your UK pension is vital. A well-structured pension transfer or management strategy can help you avoid unnecessary tax implications and maximise your retirement savings.
You should also consider estate planning, as inheritance laws vary significantly between countries. Progeny’s experts can help you create a strategy that protects your assets, ensuring your estate plan is aligned with both your home country and your new destination.
Finally, cross-border financial planning helps manage investments and mitigate currency risks, giving you peace of mind to focus on enjoying your new life abroad.
Things to do before leaving the UK
- Decide on the timeline for your move – think about work, schooling and any other key dates which might impact your family.
- Schedule a visit ahead of your move to investigate the area and other practicalities such as where to live.
- Decide on whether to keep, sell or rent your UK property and make yourself aware of both the UK tax consequences of doing so and those of where you are moving.
- Research and engage a UK tax adviser and financial specialist.
- Apply for visa and residency permit.
- Set up local banking and credit card options or advise your UK bank or building society that you’ll be overseas.
- Check your insurance cover and add travel cover if needed. Consider healthcare options and understand any immunisation requirements before you leave.
Frequently Asked Questions
There are several tax considerations such as Capital Gains tax and Inheritance tax to be aware of when moving abroad. When living overseas, you could still be caught in the UK tax net. Both UK Income Capital Gains and Inheritance Taxes may apply if you don’t meet the strict non-resident requirements.
Regulations and laws vary widely between countries, so it’s important to do your research to understand the differences between your current country and the one you’re moving to. The main considerations being Visa requirements, living costs, wills, guardianship and pension contributions.
Getting the right financial planning and tax guidance in place will make your move overseas a much smoother process. With teams across the UK and overseas we can help support you before, during and after your move.
Pension contributions are related to your UK earnings; therefore, you’ll be unable to continue contributing to your UK pensions over the long-term while living abroad.
One of the first things to arrange is a bank account to help you with day-to-day payments and ongoing financial requirements. Other essentials include renting or purchasing a property, medical, home, travel and life insurance and Foreign Currency Exchange (FX).
Please Note
The Financial Conduct Authority does not regulate income tax planning, will writing, trusts or inheritance tax planning. Tax treatment depends upon individual circumstances and is based on current UK tax legislation, that is subject to change at any time.
This communication is not investment advice. The value of investments and income from them is not guaranteed, can fall, and you may get back less than you invested. Your capital is therefore always at risk. Past performance is not a guide to future performance. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.
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Fees and Custody
We have always believed it is important to be open about the fees we charge.
This section of our website is intended for professional intermediaries and should not be relied upon by retail investors. Please note that our portfolios are generally not directly available to retail clients without the recommendation of a financial adviser.
In the post-MifiD II era of greater and welcome transparency, an awareness of costs will become a key differentiator for investors and advisers choosing an asset manager. Too often they can find themselves paying for poor investment performance and sub-standard service. We’re conscious of costs and their impact on the discerning investor, making sure that we always add value.
Fees
Fee / Charge Type
| Amount | |
Management fees | Discretionary charges are fee only.
All fees are plus VAT. | Encore 0.10% plus VAT
Bravo ESG 0.20% plus VAT
Tempo 0.05% plus VAT
Dynamic 0.05% plus VAT
IHT 0.80% plus VAT
Bespoke 0.80% plus VAT
AIM 0.80% plus VAT |
Management fees | Custody and administration fees | These are included in our annual management charge
|
Dealing costs | Stamp duty/PTM Levy: UK equity purchases | 0.5% where applicable
1% on Irish registered stock traded on the London Stock Exchange
The Panel of Takeovers and Mergers levy is currently £1 on all equity transactions of over £10,000. |
Other charges | Transfer out fee | This is included in our bespoke fees all others are charged separately and variable based on platform. |
Custody of your Money
In the course of managing investments, we do not hold cash or assets directly.
We have made arrangements with a number of third parties who will take custody of assets and provide the dealing and related settlement services, unless the financial adviser has arranged for us to manage the portfolio on a platform.
Cash or assets will be held on behalf of investors by the following third parties:
- Ascentric
- Aviva
- Novia
- Nucleus
- Quilter
- Pershing Securities Ltd
- Standard Life/Elevate
- Transact
- 7IM
Please note
This communication is not investment advice. The value of investments and income from them is not guaranteed, can fall, and you may get back less than you invested. Your capital is therefore always at risk. Past performance is not a guide to future performance. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.
Wrappers
As well as providing a General Investment Account, we can hold your clients’ portfolios within a range of tax-efficient structures.
This section of our website is intended for professional intermediaries and should not be relied upon by retail investors. Please note that our portfolios are generally not directly available to retail clients without the recommendation of a financial adviser.
As well as providing a General Investment Account, we can hold clients’ portfolios within a range of tax-efficient structures.
Through our custody arrangement with third parties, the following tax wrappers are available including:
- Individual Savings Accounts (ISAs)
- Inheritance Tax Portfolios
- Self-Invested Personal Pensions (SIPPs)
- Small Self-Administered Pension Schemes (SSASs)
- Individual Trusts and Charity Accounts
- Onshore and Offshore Bond Accounts
We work strategically with the following partners on SIPPs and Offshore Bonds:
- SIPPS – James Hay, AJ Bell, Curtis Banks, Suffolk Life, LV
- Offshore Bonds – Old Mutual Wealth, Canada Life
Where it applies, and as part of our bespoke service, we also manage the client’s Capital Gains Tax (CGT) position to make sure that they use all of their annual CGT allowances, and we produce an annual Capital Gains Tax report as part of our service.
Please note
Tax treatment depends upon individual circumstances and is based on current UK tax legislation, that is subject to change at any time.
This communication is not investment advice. The value of investments and income from them is not guaranteed, can fall, and you may get back less than you invested. Your capital is therefore always at risk. Past performance is not a guide to future performance. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.
Benchmarking
This section of our website is intended for professional intermediaries and should not be relied upon by retail investors. Please note that our portfolios are generally not directly available to retail clients without the recommendation of a financial adviser.
The idea of a benchmark is to show how investments have performed against the wider market with a similar level of risk. There are several ways to do this with each method having advantages and disadvantages.
At Progeny we have a range of investment solutions and we want to demonstrate how each solution has performed against a relevant benchmark.
After performing due diligence across the various benchmark options available to us, we have decided to use a composite benchmark.
What is a composite benchmark?
A composite benchmark is one that groups together many different indexes in order to create a representation of an overall market performance, appropriate to a certain degree of risk. It should represent the underlying portfolio investors are invested in.
We are using a composite benchmark as it closely shows the returns an investor would have received if they had invested across the market within their risk category. We can be confident that when we are comparing performance, the benchmarks we are using are totally relevant to the portfolios we are analysing.
Which indices are we using in our benchmarks?
The composite benchmarks are constructed using MSCI indices for the equity element and ICE Bank of America indices for the Fixed Interest element. These are industry standard indices and are both market-leading within equity and fixed interest markets. The benchmarks have been constructed to closely represent the equity content and fixed interest content of each risk mandate.
Please note
None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.
Composite Benchmark Disclaimer Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damage
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates and may not be used without BofA’s prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third-party suppliers and along with the ICE BofA trademarks, has been licensed for use by Progeny. ICE Data and its third-party Suppliers accept no liability in connection with the use of such index data or marks.
Please note
This communication is not investment advice. The value of investments and income from them is not guaranteed, can fall, and you may get back less than you invested. Your capital is therefore always at risk. Past performance is not a guide to future performance. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.