Compliance with AIFMD

RNS Number : 4084I

TwentyFour Income Fund Limited

30 May 2014

 



30 May 2014

TwentyFour Income Fund Limited

(a closed-ended investment company incorporated in Guernsey with registration number 56128)

NOTICE OF ENTRY INTO ARRANGEMENTS WITH SERVICE PROVIDERS TO ENSURE COMPLIANCE WITH THE ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (2011/61/EU) ("AIFMD")

TwentyFour Income Fund Limited (the "Company") held a board meeting on 29 May 2014 at which the Company's board of directors (the "Board") resolved that the Company would adjust its operational arrangements to ensure that the Company will comply with AIFMD.  Following a review of the Company's operational arrangements, the Board approved the appointment of Phoenix Fund Services (UK) Ltd ("Phoenix") as the Company's alternative investment fund manager on the terms of and subject to the conditions of an alternative investment fund management agreement between the Company and Phoenix (the "AIFM Agreement").  Under the AIFM Agreement, Phoenix agrees to provide the Company with alternative investment fund management services and is obliged to attain the UK Financial Services and Markets Act 2000 Part 4A permission of "managing an AIF". 

The Board further resolved to terminate the Company's existing investment management agreement between the Company and the Company's investment manager, TwentyFour Asset Management LLP ("TwentyFour AM") (the "Existing IMA") and replace it with a new portfolio management agreement between the Company, Phoenix and TwentyFour AM (the "PMA").  The PMA is based on the Existing IMA and only differs to the extent necessary to ensure that the relationship between the Company, TwentyFour AM and Phoenix is compliant with the requirements of AIFMD.

The Board authorised the appointment of Northern Trust (Guernsey) Limited (the "Depositary") to act as the Company's depositary in accordance with AIFMD on the terms and subject to the conditions of a depositary agreement between the Company, Phoenix and the Depositary. 

Finally, the Board resolved to amend and restate the Company's administration agreement with Northern Trust International Fund Administration Services (Guernsey) Limited (the "Administrator") to the extent necessary to ensure that the relationship between the Company, Phoenix and the Administrator is compliant with the requirements of AIFMD.

The Company announces that each of the AIFM Agreement, PMA, Depositary Agreement and Administration Agreement have been signed for and on behalf of the Company and enter into effect today.

For enquiries please contact:

Rebecca Booth, Northern Trust International Fund Administration Services (Guernsey) Limited, 01471 745 189

 

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