Our clients are our business. 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 Audit Opinion 31 December 2011 prepared by PricewaterhouseCoopers
Devon Unit Trusts Audit Report 31 March 2012 prepared by PricewaterhouseCoopers
Unit prices for our retail funds are calculated by the external custodians and displayed on our website on a daily basis. 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 the performance of their portfolios and an update on investment markets and your portfolios holdings. On a six monthly basis clients receive a transaction statement from the independent custodian showing their holdings in the Funds and any distributions paid. 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.