Asset-Backed Securities

UK Mortgages Limited


The fund aims to provide Shareholders with stable income returns through low leveraged exposure to portfolios of loans secured against UK residential property.
Performance YTD
As at 31 Jan 2022

Information on the Scheme of Reconstruction of UKML

UK Mortgages, is a listed closed-ended investment fund which invests in a diversified portfolio of good quality UK residential mortgages.

Investment Objective

The fund aims to provide Shareholders with stable income returns through low leveraged exposure to portfolios of loans secured against UK residential property.

Key Characteristics

The fund is targeting a net total return of 7-10% per annum.

Board Members

View all board members

Biographical details of the Directors are as follows:

Christopher Waldron (Chairman) - Independent Non-Executive Director – Guernsey resident

Mr Waldron is the Chairman of Crystal Amber Fund Limited and a director of a number of unlisted companies. He has over 30 years' experience as an investment manager, specialising in fixed income, hedging strategies and alternative investment mandates and until 2013 was Chief Executive of the Edmond de Rothschild Group in the Channel Islands. Prior to joining the Edmond de Rothschild Group in 1999, Mr Waldron held investment management positions with Bank of Bermuda, the Jardine Matheson Group and Fortis. From 2014 until 2020, Mr Waldron was a non-political member of the States of Guernsey’s Investment and Bond Sub-Committee. He is a Fellow of the Chartered Institute of Securities and Investment. Mr Waldron was appointed to the Board on 10 June 2015.

Richard Burrows (Risk Committee Chairman) - Senior Independent Non-Executive Director – UK resident

Mr Burrows works as Treasurer of British Arab Commercial Bank plc in London. He has previously held senior Treasury related roles at Bank of China, London Branch (2015 – 2018), Co-operative Bank (2012 – 2015), Northern Rock (2009 – 2010) and Citi Alternative Investments (1994 – 2008). From 2010 to 2012, Mr Burrows worked in the Prudential Risk Division of the Financial Services Authority as the UK regulator rolled out its post-crisis requirements with specific focus on the liquidity regime. Mr Burrows was appointed to the Board on 12 June 2015.

Paul Le Page (Audit Committee Chairman) - Independent Non-Executive Director–Guernsey resident

Paul Le Page was formerly an Executive Director and Senior Portfolio Manager of FRM Investment Management Limited, a subsidiary of Man Group. In this capacity he managed alternative investment portfolios for institutional clients and was a director of a number of group funds and structures. Prior to joining FRM, he was employed by Collins Stewart Asset Management, a firm which was subsequently acquired by Canaccord Genuity where he was responsible for managing the firm’s hedge fund portfolios and reviewing both traditional and alternative fund managers in his capacity as Head of Fund Research following completion of his MBA. He originally qualified as Chartered Electrical Engineer following a successful career in industrial R&D where he led the development of robotic immunoassay diagnostic equipment and software as R&D Director for Dynex Technologies Guernsey. In addition to his private directorship roles, Mr Le Page has chaired Audit and Risk Committees for a number of London Stock Exchange-listed Investment Companies since January 2004. Mr Le Page was appointed to the Board on 10 June 2015.

Helen Green - Independent Non-Executive Director - Guernsey resident

Mrs Green is a chartered accountant and has been employed by Saffery Champness, a top 20 firm of chartered accountants, since 1984. She qualified as a chartered accountant in 1987 and became a partner in the London office in 1998. Since 2000, she has been based in the Guernsey office where she is client liaison director responsible for trust and company administration. Mrs Green serves as a Non-Executive Director on the boards of a number of companies in various jurisdictions, including Aberdeen Emerging Markets Investment Company Limited, Landore Resources Limited, CQS Natural Resources Growth and Income plc and JPMorgan Global Core Real Assets Limited. Mrs Green was appointed to the Board on 16 June 2016.

The Directors named above were the directors of the Company, and held this office during the period and up to the date of signing the Unaudited Condensed Consolidated Interim Financial Statements.


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Share Price Information and Regulatory Announcements

To view share price information and regulatory announcements please click here .

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All data is as at 31 Jan 2022 unless otherwise indicated.

Fund data
Portfolio Manager TwentyFour Asset Management LLP
Fund Domicile Guernsey
Fund Currency GBP
Share Class Currency GBP
End of fiscal year 30 June
Fund Launch Date 7 Jul 2015
Share Class Launch date 7 Jul 2015
Distribution type Dist
Distribution frequency Quarterly
Dealing Daily trading on LSE Specialist Fund Market
Fund Registrations GB
Share Class Registrations GB
Nav Information
Highest since launch 97.93
Lowest since launch 76.64
Fees And Expenses
Management fee 0.60% of lower of NAV and Market Cap
Bloomberg UKML LN
Auditor Deloitte LLP
Registrar Computershare Investor Services (Guernsey) Limited
AIFM Maitland Institutional Services Limited
Corporate Broker Numis Securities Ltd
Fund Administrator Northern Trust International Fund Administration Services (Guernsey) Ltd

Available Share Classes

Share class Currency ISIN Distrib. Type Launch date Management fee
Ordinary Share Class GBP GG00BXDZMK63 Dist 7 Jul 2015 0.60%

* TER includes performance fee where applicable

View all documents View latest documents

Document Date EN
Factsheets & Commentaries
Factsheet Jan 2022
Factsheet Dec 2021
Factsheet Nov 2021
Factsheet Oct 2021
Factsheet Sep 2021
Factsheet Aug 2021
Factsheet Jul 2021
Factsheet Jun 2021
Factsheet May 2021
Factsheet Apr 2021
Factsheet Mar 2021
Factsheet Feb 2021
Factsheet Jan 2021
Factsheet Dec 2020
Factsheet Nov 2020
Factsheet Oct 2020
Factsheet Sep 2020
Factsheet Aug 2020
Factsheet Jul 2020
Factsheet Jun 2020
Factsheet May 2020
Factsheet Apr 2020
Factsheet Mar 2020
Factsheet Feb 2020
Factsheet Jan 2020
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KID Feb 2022
Product Presentation Aug 2021
Product Presentation Feb 2021
Product Presentation Sep 2020
Product Presentation Nov 2019
Product Presentation Oct 2019
Product Presentation Jun 2019
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Legal Documents
AGM Notice Jul 2021
Sales Prospectus Jun 2015
UKML EGM Circular Mar 2022
UKML Tender Form Mar 2021
Financial Reports
Annual Report Jun 2021
Annual Report Jun 2020
Annual Report Jun 2019
Annual Report Jun 2018
Annual Report Jun 2017
Annual Report Jun 2016
Semi-Annual Report Dec 2020
Semi-Annual Report Dec 2019
Semi-Annual Report Dec 2018
Semi-Annual Report Dec 2017
Semi-Annual Report Dec 2016
Semi-Annual Report Dec 2015
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