Asian Investing Summit - MOI Global
Hosking Partners is a London boutique founded in 2013 by Jeremy Hosking, a portfolio manager at Marathon Asset Management for over 25 years. It runs a single global equity strategy built on the capital-cycle, supply-side approach — contrarian, long-term, and unusually diversified (350+ holdings) under a multi-counsellor model, managing around $5.5bn.
In plain words
This is a legal notice from Hosking Partners, an investment firm. It explains which countries they operate in and who they can serve: for example, only professional clients in the UK, accredited investors (wealthy or sophisticated individuals) and qualified purchasers in the US, and wholesale clients (institutions or high-net-worth individuals) in Australia. For regular investors, the key takeaway is: if you don't fit these categories, you can't use their services or rely on their advice. Worth reading to check your eligibility.
Hosking Partners LLP (registration number OC382151, VAT number 167151705) issued this regulatory and legal disclosure summary, which clarifies its compliance status and client access restrictions in major global markets. The report argues that the company strictly limits its service scope: in the UK
Theme and Background
This chapter presents the regulatory and legal disclosure statement of Hosking Partners LLP, aiming to clarify the firm's compliance identity, client eligibility criteria, and service restrictions across multiple global jurisdictions. The background is that asset management institutions must comply with diverse regulatory requirements in different countries to define the scope of their legitimate service recipients and to communicate investment risks.
Core Argument
The author (Hosking Partners) does not offer a market judgment as its core investment thesis; rather, it strictly defines the legitimate client groups to which it provides services, ensuring global compliance. The counterintuitive stance is that, although registered as an investment adviser with the U.S. SEC, the report explicitly states that the Advisers Act does not apply to non-U.S. clients, and the firm does not open its services to the U.S. mass market.
Key Arguments and Data
Supporting evidence consists of specific legal provisions and registration numbers under various national regulatory frameworks. The core data are as follows:
- United Kingdom: Authorized and regulated by the FCA, services limited to Professional Clients.
- United States: Services only available to accredited investors as defined by Rule 501(a) and qualified purchasers as defined by Section 3(c)(7).
- South Africa: Services provided under an FSP license no. 45612, in accordance with the Financial Advisory and Intermediary Services Act (No. 37 of 2002).
- Australia: Relies on ASIC Class Order [CO 03/1099] to hold an exemption from holding an Australian financial services license; services limited to wholesale clients.
Comparison data table:
| Jurisdiction | Regulator / Registration Status | Client Type Restriction |
|---|---|---|
| United Kingdom | Authorized and regulated by the FCA | Professional Clients |
| United States | SEC-registered Investment Adviser | accredited investor + qualified purchaser |
| South Africa | Authorized by the FSCA, FSP no. 45612 | Not explicitly stated, but constitutes regulated financial services |
| Australia | Relies on ASIC Class Order exemption | wholesale client (as defined under the Corporations Act 2001) |
Companies / Assets Involved
- Hosking Partners LLP: A global investment management firm. Its core role is that of a service provider; key data points are registration number OC382151 and VAT number 167151705. The report views it as neutral, aiming to clarify its legal operational boundaries and risk warnings.
Investment Implications
For investors, this is not a market analysis but a confirmation of legal and compliance boundaries. The implications are:
1. Self-assessment of client eligibility: Non-U.S. investors, especially retail investors, should confirm whether they meet the applicable local regulatory definitions (e.g., Professional Client in the UK, wholesale client in Australia); otherwise, they are not entitled to rely on the content of the website.
2. Fund distribution channel screening: Only investors meeting the specific qualifying criteria may access investment services from Hosking Partners, which constitutes a geographic and client access threshold for fund sales and investment advisory activities.