Our Values & Client Care

Our Values

Devon takes its fiduciary duty to clients very seriously. We believe that, on your behalf, we have an obligation to ensure that the businesses we invest into for your portfolios conduct themselves in accordance with the highest governance standards. Where these standards are not being demonstrated Devon will actively engage with the company to seek improvement.

In our view, it makes good business sense for the businesses we invest in to be good corporate citizens who look after the interests of all stake holders and operate in a sustainable manner.

Devon has been a long term signatory to the United Nations supported Principles for Responsible Investment (PRI). The PRI provides global principles and a framework to help integrate the consideration of Environmental, Social and Governance (ESG) issues by institutional investors into investment decision-making and portfolio construction. As part of this process we report annually to PRI on our adherence to these policies.

Under Devon’s corporate governance policy we actively vote on all company AGM motions on behalf of our clients. We will vote against proposals that do not meet our governance standards and do share this information with clients.

Client Care

Our clients are our business. Therefore, secure handling of client funds is important to us. At Devon we don’t handle any clients’ funds directly. All client funds are held at all times by highly regarded external Trustee companies and custodians.

In addition, our business, our internal processes and controls, and the Funds are audited annually by PricewaterhouseCoopers to ensure we maintain best practice. The Devon Internal Controls Audit Opinion and Devon Unit Trust Audit Report can be viewed by clicking the link below:

Devon Internal Controls Report 31 March 2018  prepared by PricewaterhouseCoopers
Devon Unit Trusts Audit Report 31 March 2018 prepared by PricewaterhouseCoopers

Unit prices for our retail funds are calculated by the external custodians and are updated daily on our website. All of our retail funds primarily invest in securities listed on the New Zealand and Australian stock exchanges. The Funds do have the ability to hold cash or term deposits which are all held by the custodian with a registered New Zealand bank.

All clients receive monthly reports detailing their portfolio holdings and performance, as well as an update on investment markets. Every six months clients receive a transaction statement from the independent custodian showing their holdings in the Funds and any distributions paid. Further to this, clients also receive an annual report detailing the audited financials of our Funds. The Funds are audited by PricewaterhouseCoopers.

Our staff have significant investments in our managed funds and so share the same performance outcomes as our clients. In fact, we have a somewhat unique internal policy prohibiting any staff investment directly in NZ or Australian listed shares so that we have no conflict of interest with clients.