Important Information

Terms of business

Our terms of business set out in detail how we provide our services. They outline the terms governing our relationships with clients; our investment services as a whole; our discretionary management services; and our execution-only and unadvised transaction services. They also provide information on the range of investments we may transact and the risks associated with them; how we handle clients’ personal data; and our company. You can download the current version here.

Privacy Notice

Our privacy notice explains how we use any personal information we collect about you. You can download this here.

Best Execution Policy and Venue Report

The Markets in Financial Instruments Directive (MiFID) is the framework of European Union (EU) legislation which came into force in November 2007, this has subsequently been revised by MiFID II, which took effect in January 2018, and is designed to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection.

MiFID II extended the MiFID requirements in a number of areas including new and extended requirements in relation to transparency.  Under MiFID we are required to develop, monitor and adhere to a Best Execution Policy which must be provided to clients.  MiFID II places an additional requirement to summarise and make public on an annual basis, for each class of financial instruments, the top five execution venues in terms of trading volumes, where we have executed client orders in the preceding year, together with information on the quality of execution obtained.

You can download the Best Execution Policy here and the Venue Report here.

Meeting our obligations under the Revised Shareholder Rights Directive II (SRD II)

We are required by this Directive to explain whether or not we have an engagement policy in relation to the companies we invest in, where the companies’ shares are admitted to trading on a regulated market. As the proportion of shares we hold in investee companies is much lower than those held by large institutional investors, we are not able to engage with investee companies to the extent envisaged by SRD II. We do not therefore have a formal engagement policy.

Legal Disclosures

By using this website, you are agreeing to be bound by our terms.

This website is issued by Tacit Investment Management, a trade name of TIML Limited. TIML Limited is authorised and regulated by the Financial Conduct Authority. Financial Conduct Authority number 670184. Registered in England and Wales number 9228395. Registered office 31 Southampton Row, London, WC1B 5HJ.


This website, and all matters arising from it, shall be governed by and in accordance with English law. All users agree to be subject to the exclusive jurisdiction of the English courts.

The information provided on this website, and your subsequent use of it may from time to time be subject to certain statutory or other external regulation, conditions and restrictions. All use of the information by you must comply with such regulations, conditions or restrictions applicable to the area or territory in which you shall use the information. The information contained on this website is therefore subject to the different laws and regulations which apply in those jurisdictions. None of the information published or made available via the Tacit Investment Management website is intended to be published or made available in any jurisdiction where to do so would result in a breach of any applicable law or regulation.


Information on this site is for your personal use only, and may be reproduced in hard copy solely for your personal use. Information on this site may not otherwise be reproduced or distributed to any person in any way without our prior written permission.

Scope and Limit of Liability

Nothing on this website should be construed as a solicitation or offer, or recommendation, to buy or sell securities or any other investment or banking product, or to provide any investment advice or service.

Nothing contained on this website constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision.

The information on this website is believed to be correct, but Tacit Investment Management cannot guarantee the accuracy, timeliness or completeness of any such information. Neither Tacit Investment Management nor any connected company accepts responsibility for any direct or indirect or consequential loss suffered by you or any other person as a result of your acting, or deciding not to act, in reliance upon any information contained in this website.

Investment Risk

Certain investments carry a higher degree of risk than others and are, therefore, unsuitable for some investors. The value of investments, and the income from them, can go down as well as up, and you may not recover the amount of your initial investment. Where an investment involves exposure to a foreign currency, changes in rates of exchange may cause the value of the investment, and the income from it, to go up or down. Tax treatment depends on an investor’s individual circumstances, and it may be subject to change.

Before contemplating any transaction, you should consult your wealth manager.


The research and analysis in this website have been procured, and may have been acted upon, by Tacit Investment Management and connected companies for their own purposes, and the results are being made available to you on this understanding.

Tacit Investment Management, its clients and officers may have a position or engage in transactions in any of the securities mentioned in this website.


If you are dissatisfied with Tacit, please let us know by addressing your complaint to:

Compliance Officer

Tacit Investment Management

17 Hanover Square



Alternatively you can email us via or call us on +44 (0)203 051 6450.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren’t able to resolve themselves. To contact the Financial Ombudsman Service please visit

Links to 3rd Parties

This website contains hypertext links to other websites, which may or may not be regulated by the Financial Conduct Authority. By activating any of these links you understand that you are leaving this website. Any hypertext links are used entirely at your own risk.


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