Appointment of an AIFM and Depositary

RNS Number : 9915J

Utilico Emerging Markets Limited

13 April 2015

 



UTILICO EMERGING MARKETS LIMITED ("UEM" or the "Company")

Appointment of an AIFM and Depositary

UEM announces that it has appointed ICM Investment Management Limited ("ICMIM"), as its Alternative Investment Fund Manager ("AIFM") for the purposes of the Alternative Investment Fund Managers Directive ("AIFMD") with effect from 13 April 2015 (the "Effective Date").

The existing Investment Management Agreement ("IMA") with ICM Limited ("ICM") will be terminated with effect from the Effective Date and replaced with a new agreement (the "AIFM Agreement") under which ICMIM, an English incorporated company which is regulated by the Financial Conduct Authority (the "FCA"), is appointed to act as the Company's AIFM with sole responsibility for risk management, and both ICMIM and ICM are appointed with joint responsibility for portfolio management. The AIFM Agreement is based on the IMA with changes only to the extent necessary to ensure that the relationship between the Company, ICMIM and ICM is compliant with the requirements of AIFMD and also such other requirements applicable to ICMIM by virtue of its regulation by the FCA.  The aggregate fees payable by the Company under the AIFM Agreement are the same as those currently payable under the IMA, with such fees to be apportioned between the joint portfolio managers in accordance with a new management services agreement to be entered into between the joint portfolio managers with effect from the Effective Date. There is no change in the individuals responsible for managing the Company as a consequence of the new arrangements.

The Company has also appointed JPMorgan Europe Limited as the Company's Depositary for the purposes of Article 36 of the AIFMD and JPMorgan Chase Bank, NA - Jersey Branch has been appointed as the Company's Custodian, in place of JPMorgan Chase Bank, NA - London, both with effect from the Effective Date.

13 April 2015

Enquiries:

Charles Jillings

ICM Investment Management Limited

[phone]

 

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