Change of AIFM and Management Arrangements

RNS Number : 3116I

BB Healthcare Trust PLC

01 April 2020

 

BB Healthcare Trust plc (the "Company")

LEI: 213800HQ3J3H9YF2UI82

1 April 2020

Change of AIFM and Management Arrangements

The Company is pleased to announce that it has appointed Bellevue Asset Management (UK) Ltd ("Bellevue UK") as the Alternative Investment Fund Manager ("AIFM") of the Company.

Since IPO, Mirabella Fund Services LLP ("Mirabella") has acted as the Company's AIFM, delegating portfolio management to Bellevue Asset Management AG ("Bellevue AG"), which has been responsible for the management of the Company's portfolio in accordance with the Company's investment policy and the terms of the Delegated Portfolio Management Agreement ("DPMA"). Over this period, Bellevue UK (previously known as Bellevue Advisors Limited), has acted as investment advisor to Bellevue AG.

As detailed in the Company's IPO prospectus dated 10 November 2016, and subsequent prospectus dated 5 November 2018, it was intended that Bellevue UK would eventually take over management of the Company's portfolio, subject to securing the relevant regulatory approvals.

Bellevue UK has been authorised as a full-scope UK AIFM by the Financial Conduct Authority ("FCA"), under the requirements of the Alternative Investment Fund Managers Directive, and after due consideration and diligence, the Board has appointed Bellevue UK as AIFM to the Company. The FCA has today approved Bellevue UK to act as AIFM to the Company. In its role as AIFM, Bellevue UK will carry out portfolio management services and risk management services will be delegated to Bellevue AG. To effect these changes, the existing DPMA has been terminated and replaced by an investment management agreement between the Company and Bellevue UK under the same commercial terms, including in respect of fees and termination provisions, as the existing DPMA, and an agreement for the provision of risk management services has been entered into between Bellevue UK and Bellevue AG. The AIFM Agreement between the Company and Mirabella has also been terminated, resulting in a small cost saving for the Company.

The Company's investment strategy is unchanged and the investment team at Bellevue UK will continue to be led by Paul Major and Brett Darke.

The Board of BB Healthcare Trust plc thanks the Bellevue Group for its continued commitment to the Company and its investment in additional resources to support the Company and its future growth. The Board also thanks Mirabella for its contribution to the success of the Company since IPO.

Enquiries:

Mark Ghahramani / Simon King

Bellevue Asset Management (UK) Ltd

Tel: [phone]

Brian Smith / Ciara McKillop 

PraxisIFM Fund Services (UK) Limited

Tel: [phone]

 

END

 

 

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