AIFMD Appointments

RNS Number : 7480M

British Empire Sec & Gen Tst PLC

18 July 2014

 



British Empire Securities & General Trust plc

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

British Empire Securities and General Trust plc (the "Company") announces that with effect from  17 July 2014 the Company entered into the arrangements necessary to ensure compliance with the AIFMD.

As previously announced, the Company's board of Directors has approved the appointment of Asset Value Investors Limited ("AVI") as the Company's Alternative Investment Fund Manager ("AIFM") on the terms of and subject to the conditions of a new investment management agreement between the Company and AVI, which replaces the previous investment management agreement. Key commercial terms, including the management fee and notice period remain unchanged. AVI has been approved as an AIFM by the UK's Financial Conduct Authority.

The Board has also appointed JP Morgan Europe Limited to act as the Company's Depositary (as required by the AIFMD) on the terms and subject to the conditions of a Depositary agreement entered into between the Company, the AIFM and the Depositary.

The Company's existing Custodian, JPMorgan Chase Bank, NA will remain as Custodian.

For enquiries please contact:

John Kidd

Asset Value Investors Ltd

 [phone]

 

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