Compliance with AIFMD

RNS Number : 9749M

Personal Assets Trust PLC

22 July 2014

 



To:                   RNS

From:              Personal Assets Trust PLC

Date:               22 July 2014

Personal Assets Trust PLC ("the Company")

Compliance with AIFMD

In order to conform with the European Union's Alternative Investment Fund Managers Directive (the "AIFMD"), as it is required to do by 22 July 2014, the Board of Personal Assets Trust plc (the "Company") confirms that it has appointed its subsidiary, Personal Assets Trust Administration Company Limited, with effect from 22 July 2014 as its alternative investment fund manager (the "AIFM").  Entering into a new AIFMD compliant management agreement with the AIFM has entailed the termination of the Company's existing investment advisory agreement with its current investment adviser, Troy Asset Management Limited ("Troy"). With effect from 22 July 2014, however, the AIFM has delegated the portfolio advisory activities relating to the Company back to Troy pursuant to a delegation agreement and Troy will continue to provide portfolio advisory services to the Company as before. The delegation agreement between the Company, the AIFM and Troy is on the same commercial terms as the existing investment advisory agreement, save that Troy will make a contribution towards the costs of the services provided by the AIFM.

In connection with this the Company has also appointed J.P. Morgan Europe Limited (the "Depositary") as its depositary as required by the AIFMD.  JPMorgan Chase Bank NA remains custodian and will be a delegate of the Depositary.

Steven Davidson

Company Secretary

Enquiries: 0131 538 6603

 

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