Legal Notice

Legal Notice



Marathon Asset Management Limited ("Marathon") provides access to, operates and issues the website (the "Website") subject to the terms and conditions of use (the "terms of use")set out on this page.

This important information is addressed to you whether you are reading these pages for yourself or on behalf of another person (such as an employer). It is your responsibility to draw the below to the attention of any other person on whose behalf you read these pages. It is also your responsibility to draw the contents of this page too the attention of anyone who may gain access in any way through you to other pages on this site without first reading this page.

Regulatory Information

United Kingdom

Marathon Asset Management Limited is a limited liability company registered in England and Wales under company number 12131578, Orion House, 5 Upper St. Martin's Lane, London, WC2H 9EA, VAT number 401984012. Marathon Asset Management Limited is authorised and regulated by the Financial Conduct Authority ("FCA"). It is entered in the FCA's register with number 933650: see

This Website is directed only at persons who are:

  • accessing the Website from outside the European Economic Area; or
  • investment professionals, falling within Article 19(5)(a) to (e) of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("FPO") and/or Article 14(5)(a) to (e) of The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes)(Exemptions) Order 2001 ("FPCISO"), who have professional experience in matters relating to relevant investments; or
  • high net worth organisations falling within Article 49(2)(a) to (d) of the FPO and/or Article 22(2)(a) to (e) of the FPCISO, for example a company, unincorporated association or partnership with net assets of £5,000,000 or more, or the trustee of a trust where the value of the cash and investments forming part of the trust's assets (before deducting its liabilities) is £10,000,000 or more; or
  • persons to whom it may otherwise lawfully be communicated.

All such persons together being referred to as "exempt persons". The contents of the Website must not be acted upon or relied on by persons who are not exempt persons. Any investment or investment activity to which the Website relates is available only to exempt persons and will be engaged in only with exempt persons. If you have entered the Website and you are not an exempt person you must exit the Website immediately.

To view Marathon's disclosures as required under the UK’s Modern Slavery Act see Marathon’s anti-slavery and human trafficking policy statement.


Marathon products are only available in Switzerland to Qualified Investors. Aside from regulated entities, “Qualified Investors” includes public entities and retirement benefits institutions with professional treasury operations; companies with professional treasury operations; institutional investors with professional treasury operations (such as regulated financial intermediaries and insurance institutions); high net-worth individuals who opt in or those who comply with the requirements of Article 6 of the Collective Investment Scheme Ordinance (“CISO”) at the moment of acquisition, such as the holding of financial assets of at least CHF5 million, or holding of financial assets of at least CHF500,000 if the investor has the necessary knowledge and experience. 

European Union

To view Marathon's disclosures as required under the EU Capital Requirements Directive see Capital Disclosures. To view Marathon’s disclosures as required under the FCA’s remuneration code see Remuneration Disclosures.

Cayman Islands

Marathon Asset Management (Cayman) Limited is a company within the Marathon group of companies and is registered as an exempted company under the laws of the Cayman Islands.

United States of America

Marathon products are only available in the US to investors (generally institutions) which qualify as an "accredited investor" as defined in Rule 501(a) of the Securities Act of 1933. Information provided in this Website does not constitute an offer being made in the US. Marathon is also regulated by the Securities and Exchange Commission in the US under the Investment Advisers Act of 1940 and trades under the name “Marathon-London”. Marathon is not required to comply with the provisions of that Act to its non-U.S. clients. Accordingly, the protections of that Act will not be available to clients of Marathon who are not U.S. persons or to investors in any Marathon sponsored offshore fund, even if the investor happens to be a U.S. person.


Marathon provides investment advisory services in Alberta, British Columbia, Manitoba, Ontario, Quebec and Newfoundland to permitted clients only. Marathon is registered with the Ontario Securities Commission (‘OSC’) under the international adviser, international dealer and international investment fund manager exemptions (register reference can be located here:


In Australia, Marathon’s investment management services are provided by Marathon Asset Management Limited under ASIC Class Order [CO 03/1099] and are available only to persons who qualify as "wholesale clients” (as defined under the Corporations Act 2001 (Commonwealth of Australia)). Accordingly, for persons accessing the Website from Australia, the material on the Website is directed only at persons who qualify as "wholesale clients” and no other persons should rely or act on any material contained in the Website.

To the extent that the Website contains financial product advice, that advice is provided by Marathon Asset Management Limited. Pursuant to ASIC Class Order 03/1099 Marathon Asset Management Limited is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Commonwealth of Australia) in respect of the provision of such financial product advice to “wholesale clients”. Marathon Asset Management Limited is authorised and regulated by the Financial Conduct Authority of the United Kingdom under the laws of the United Kingdom, whose laws differ from Australian laws.

South Africa

Marathon is an authorised financial services provider in South Africa in terms of the Financial Advisory and Intermediary Services Act (FSP 42011). Marathon has appointed a local representative agent to comply with the requirements for the marketing of a foreign collective investment scheme in South Africa in terms of the Collective Investment Schemes Control Act.

General and Rest of the World

This Website is provided for information purposes only. Nothing on this Website is intended to form the basis of a decision to purchase any investment product or as the basis for any other investment decision. Nothing on this Website constitutes a solicitation, invitation, recommendation or offer in respect of any securities, investment products or investment advisory services and should not be interpreted as such. In addition nothing on this Website constitutes any investment, legal, tax or other advice nor should be interpreted as such. Marathon or its subsidiaries or associates shall not be a fiduciary and you should consult with such advisers as you deem necessary to assist you in making any investment decisions.

Only Marathon Asset Management Limited and Marathon Asset Management (Services) Limited are authorised and regulated by the UK FCA. The other companies in the Marathon group are not authorised and regulated by the FCA and the material on this Website may relate to business in respect of which the UK financial services regulatory system does not apply.

In relation to the information contained on this Website, you should note that past performance is not a guide to future performance. The return on assets invested by a member of the Marathon Group may go down as well as up and there is no guarantee or assurance as to performance. If you wish to invest in a specific investment product managed by a member of the Marathon Group, you should refer to the risk warnings in the relevant marketing document for that product.

Information displayed on this Website contains material that may be interpreted by the relevant authorities in the country from which you are viewing the Website as a financial promotion or an offer to purchase securities. Accordingly, the information on this Website is only intended to be viewed by persons who fall outside the scope of any law that seeks to regulate financial promotions in your country of residence or in the country in which the Website is being viewed.

You are responsible for first satisfying yourself as to the full observance of the laws and regulatory requirements of your jurisdiction, including the obtaining of all relevant consents which may be required and observing any other relevant formalities. The information on this Website is intended only for the use of suitable, institutional, sophisticated, professional investors that qualify as Professional Clients or Eligible Counterparties under the FCA rules. The services provided by Marathon are available only to such persons. The information on this Website is not intended for the use of and should not be relied on by any person who would qualify as a Retail Client under the FCA rules.

Terms of Use

Access to and use of the Website

Marathon will endeavour to ensure that availability of the Website will be uninterrupted and that transmission will be error free. However due to the nature of the internet this cannot be guaranteed. You acknowledge that Marathon does not guarantee that access to the Website or to the Client Area (as defined below) will be uninterrupted or error-free or that defects will be corrected or that the server providing access will be free of viruses or bugs.

You must not use the Website for fraudulent purposes, or in connection with a criminal offence or other unlawful activity.

The Website contains material which is owned by or licensed to Marathon. This material includes, but is not limited to, the design, layout, look and feel, appearance and graphics. It is protected by intellectual property laws including, but not limited to, those relating to copyright and trade marks.

All rights are reserved except that permission is granted to download the materials contained on the Website to a single computer and to print a hard copy of such materials solely for personal, non-commercial use. Any other use of materials on the Website, including reproduction, modification, distribution or republication, without the prior written permission of Marathon, is strictly prohibited.


Although Marathon has used reasonable endeavours to ensure that the information and/or material contained on the Website is correct, Marathon does not make any representations or give any warranties that the information and/or material contained on or accessible via the Website is accurate, complete or current or that use of the Website is free of risk or viruses or other damage. Access to and information contained on the Website is provided on an "as is" basis and you have sole responsibility for adequate protection and back up of data and/or equipment and for taking reasonable and appropriate precautions to scan for computer viruses or other destructive properties.

Unless otherwise agreed in writing, Marathon shall not be liable to you in respect of (i) your use of the Website or (ii) the use, accessing, downloading or reliance on any information or other materials contained or referred to on the Website and accepts no liability for any loss of profits, business or anticipated profit or savings or loss of or corruption of data or any indirect loss or consequential loss suffered by you in relation to your use of the Website even if you have been advised by Marathon of the possibility of such loss.

Nothing in these terms of use shall exclude or limit the liability of Marathon for death or personal injury due to its negligence or for its fraud. If you are located in Australia, nothing in these terms shall exclude, restrict or modify the application of a non-excludable warranty implied by law, the exercise of a right conferred under such a warranty or any liability for breach of such a warranty, provided that, to the extent permitted by law, Marathon’s liability for breach of such a warranty is limited to (at Marathon’s election) either supplying the relevant services again, or paying the cost of having the relevant services provided again.

You agree to indemnify Marathon and its officers, agents and affiliates from and against any claim brought by third parties against Marathon and its officers, agents and affiliates as a consequence of your breach of the terms of use. Furthermore, if your use of this Website results in the need for servicing, repair or correction of equipment, software or data, you assume costs thereof.

Client Area

Marathon may in its absolute discretion permit access to a private client area (the “Client Area”) of the Website by issuing you with a username and password, the use of which shall be subject to these terms of use and any supplemental terms notified to you from time to time.

The Client Area of the Website includes additional information, including information and reports relating specifically to clients and client portfolios (“client-specific information”). Your client-specific information will be made available if the specific username and password allocated by Marathon is entered but will not otherwise be available to users of the Client Area.

Marathon will allocate a specific username and password to each of those persons (“Authorised Persons”) within your organisation or, where applicable, your consultant, to whom client-specific information is already sent. You will be asked to confirm that the list of Authorised Persons is accurate. Clients of Marathon agree that Marathon may grant access to the Client Area (including access to your client-specific information) whenever a valid username and password is used, whether or not the person using such username and password is an Authorised Person. Once access is granted, all actions will be deemed to have been made by you.

Usernames and passwords are intended only for the person, to whom Marathon allocates the username and password, and you shall ensure that no other person uses your username or password and that your username and password are kept secret and are not disclosed to any third party. You shall notify Marathon immediately of any unauthorised use of a username or password or if you wish to terminate a person’s access to the Client Area by sending an email to [email protected].

You shall be solely responsible for the use of the Client Area accessed through your username and password and agree to indemnify Marathon against any claim, loss, cost, damage, action or expense suffered or incurred by Marathon as a result of the use of the Client Area accessed via your username and password or from your failure to comply with the terms of use and any supplemental terms agreed with you from time to time.

Marathon may revoke access to the Client Area in its absolute discretion at any time without notice.


The Website may contain links to third party websites, which are beyond the control of Marathon. Marathon does not accept any responsibility for the content of or for any transactions between you and such websites or any dealings with your personal information by such websites. No link is intended to be, nor should it be construed as, an endorsement of any kind by Marathon of the operator of that website.

Transfer and Storage of Personal Data

Any personal data provided by you to Marathon is done so with the knowledge and express agreement that Marathon may transfer and store such data outside the European Union.

Market Data

Third party data (including any benchmark data) remains the property of the data provider, and may not be reproduced or extracted and used for any other purpose without the data provider’s express consent.

Applicable Law

These terms of use shall be governed by and construed exclusively in accordance with English law. Any dispute arising under these terms of use shall be subject to the exclusive jurisdiction of the English courts and, by using the Website, you hereby submit to and waive any objections to, the jurisdiction of such courts.


In using the Website, you agree to the terms of use, including Marathon’s use of cookies on this Website, and the terms of the Privacy and Cookies Policy. If you do not accept any of them you should exit the Website now. Marathon reserves the right to change these terms of use from time to time and any such change shall be notified on the Website. Your use of the Website following such notification shall be deemed to be your acceptance of such change.

Regulatory & Policy Disclosures

  • Capital Requirements Disclosure: click here
  • FCA Remuneration Code Disclosure: click here 
  • Best Execution Disclosure (MiFID II RTS-28): Historical reports covering years 2017 - 2022 available upon request.
  • Conflicts of Interest policy: click here
  • Shareholder Rights Directive (“SRD II”) - Marathon’s Corporate Engagement Policy click here
  • Sustainable Finance Disclosure Regulation ("SFDR") - Marathon’s Sustainability Risk Policy click here
  • Modern Slavery and Forced Labour: click here. Previous statements can be found here