Paragraph 28 Investment managers.
The Trustees may employ and remunerate as professional investment managers a company or firm of repute in the field of investment management (whether or not that company or firm or one of its members or employees is also employed as investment adviser under clause 27 above) and subject to the provisions of this clause may delegate to a company or firm so employed (hereinafter referred to as the managers) all or any of the Trustees' powers of investment for such period and upon such terms and conditions as the Trustees think fit.
The Trustees shall, at the time of making any delegation under sub-clause (1) above and at such time or times thereafter as they think fit, give to the managers instructions as to investment policy.
The terms and conditions of any delegation under sub-clause (1) above shall include the requirements that—
any exercise by the managers of powers thereby delegated shall be subject to and in accordance with the Trustees' instructions as to investment policy;
the managers shall inform the Trustees of each act done in exercise of powers so delegated as soon as reasonably possible;
the Trustees may without notice revoke the delegation or alter any of its terms and conditions (other than the requirements included in pursuance of this sub-clause) notwithstanding that the period of the delegation has not expired.
Any delegation under sub-clause (1) above shall be for a period not exceeding 12 months, but may from time to time be renewed for a further period not exceeding 12 months.
The Trustees shall be liable for any loss to the Charity due to any act or default of the managers as if it had been the act or default of the Trustees, except that no Trustee shall be so liable in pursuance of this sub-clause for any loss arising without fraud, wrongdoing, neglect or wrongful omission on his part.