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Friday 30 December, 2005

Cross Credit Fund Ld

Re: Delegation of Inv. Mgt

Cross Credit Fund Limited 
30 December 2005





STOCK EXCHANGE ANNOUNCEMENT



For Immediate Release


30 December 2005



Cross Credit Fund Limited (the 'Fund')



Re: Delegation of Investment Management Functions



The Directors of the Fund wish to announce that Cross Asset Management Limited
(the 'Investment Manager'), the investment manager of the Fund, has delegated
the investment management of the Fund to RAB Capital plc (the 'Delegated
Investment Manager'), following the acquisition of the Investment Manager by the
Delegated Investment Manager.

Pursuant to a Delegated Investment Management Agreement (the 'Agreement')
between Cross Credit (General Partner) Limited (the 'General Partner'), the
General Partner of Cross Credit Fund L.P. (the 'Partnership'), the Fund, the
Investment Manager and the Delegated Investment Manager dated 15 December 2005,
the Delegated Investment Manager will assume the day to day investment
management of the Fund.

The Delegated Investment Manager will not be liable for any error of judgment or
any loss suffered by the Partnership and/or the Investment Manager in connection
with the services it provides under the Agreement unless such loss arises from
its negligence, wilful default or fraud by it or any of its employees.

The Investment Manager agrees to keep the Delegated Investment Manager and its
employees indemnified against all costs, charges, liabilities and expenses
whatsoever incurred by them pursuant to or in connection with the Agreement
unless due to their negligence, wilful default or fraud.  However, nothing in
the Agreement will exclude or restrict any duty or liability to the Partnership,
the Fund and/or the Investment Manager which the Delegated Investment Manager
may have under the UK Financial Services and Markets Act 2000 or the UK
regulatory system.

The appointment of the Delegated Investment Manager will continue and remain in
force unless and until terminated by the Investment Manager or the Delegated
Investment Manager by giving to the other party not less than thirty (30) days'
written notice.  The Agreement may be terminated immediately by notice in
writing by the Investment Manager or the Delegated Investment Manager ('the
notifying party'), if the other party commits any material breach of its
obligations under the Agreement and, if such breach is capable of being made
good, fail to make good such breach within 30 days of receipt of written notice
from the notifying party requiring it so to do.  The Agreement may also be
terminated immediately if the other party is liquidated or dissolved (except a
voluntary liquidation or a voluntary dissolution for the purposes of
reconstruction or amalgamation upon terms previously approved in writing by the
notifying party) or is unable to pay its debts as they fall due or commit any
act of bankruptcy under the laws of any jurisdiction to which that party may be
subject or if a receiver is appointed over any of its assets.

If the Delegated Investment Manager ceases to be authorised by the Financial
Services Authority (the 'FSA'), the Agreement may be terminated immediately by
the Investment Manager, the Partnership and/or the Fund.

On termination of the Agreement, the Delegated Investment Manager will be
entitled to receive all fees and other monies accrued due up to the date of such
termination but will not be entitled to compensation in respect of such
termination.  Termination of the Agreement will be without prejudice to the
completion of transactions already initiated.  Such transactions will be
completed by the Delegated Investment Manager as soon as practicable.

The Investment Manager will pay the Delegated Investment Manager a management
fee and a performance fee, (together, the 'Fees') by way of remuneration for its
services each as calculated in accordance with the Investment Management
Agreement between the Partnership, the Investment Manager, the General Partner
and the Fund dated 6 February 2003.  The Fees will be equal to 100 per cent of
the management fee and performance allocation paid by the General Partner to the
Investment Manager and shall be payable to the Delegated Investment Manager as
soon as reasonably practicable after receipt by the Investment Manager from the
General Partner.  The Fees payable will be exclusive of any value added tax
which, if payable, shall be borne by the Investment Manager.

The Delegated Investment Manager may, in its absolute discretion, from time to
time waive or rebate all or any part of its Fees to any third party.

The Delegated Investment Manager was incorporated with limited liability in
England and Wales on 12 January 1999.  On 4 March 2004 the company was
re-registered as a public limited company under the name RAB Capital plc.

The Delegated Investment Manager is an authorised person under the UK Financial
Services and Markets Act 2000 of the United Kingdom and as such is authorised
and regulated by the FSA.

As at 30 June 2005, the Delegated Investment Manager had funds of approximately
US$2.25 billion under management.

Below is a description of the directors and senior professionals of the
Delegated Investment Manager who have responsibility for the management of the
assets of the Partnership and of the Fund:

William Philip Richards (Chief Executive Officer) co-founded the Delegated
Investment Manager in 1999.  From 1987 to 1998, he worked at Smith New Court
(later Merrill Lynch) where he was a founding member and executive director of
the European equity division.  At various times, he was responsible for Belgian,
French and Italian equity research at Smith New Court and, after its acquisition
by Merrill Lynch in 1995, he became Managing Director of European research and
later Managing Director of investment banking for Belgium and Luxembourg.  He
holds a BA (Hons) from Oxford University (Corpus Christi College) in Philosophy,
Politics and Economics.

Michael Alen-Buckley (Executive Chairman) co-founded the Delegated Investment
Manager in 1999.  He is Head of Client Services, Chairman of the Risk Committee
and also focuses on business development. He was previously a director and head
of international equity sales at ABN-AMRO Hoare Govett (1996 to 1998) and
director of institutional sales at Merrill Lynch (previously Smith New Court)
from 1991 to 1996.  Between 1987 and 1991, he was a senior executive for UK
equity sales at James Capel & Co.  He was a director of UK equity sales at
Fielding Newson Smith/County Securities from 1985 to 1987, where he was
responsible for sales to US institutions. He covered the UK equity market at
Wood McKenzie from 1980 following two years accountancy training.

Dan Worth  Before joining the Investment Manager at the Partnership's and the
Fund's inception, Mr Worth spent 5 years working at Barclays Capital ('Barclays
').  In his role there he oversaw a portfolio of high yield bonds for Barclays
as well as helping manage various collateralised debt obligations.  He focused
on the trading and analysis of leveraged loans, mezzanine and high yield bonds.
Initially, he worked in the investment banking division, focusing on credit
analysis and debt capacity modelling. Prior to joining Barclays, Mr Worth worked
at Mako Derivatives, trading equity index futures for a market maker.  Mr Worth
holds a BA from Bristol University.

Roderick Campbell  Mr Campbell co-founded the Investment Manager in 1998. Prior
to that he was a director of SBC Warburg, which he joined in 1997 as a
proprietary trader in UK and European Equities and derivatives.  In 1984 he
co-founded the IFM Group, a hedge fund management company ('IFM').  He became
joint managing director in 1995 following American International Group taking a
majority stake in IFM.  Mr Campbell began his career in the financial services
sector with Hambros Bank in 1981.



Enquiries to:


Davy                                Elaine Drennan                                           + 353 1 614 8933

















This announcement has been issued through the Companies Announcement Service of



                            The Irish Stock Exchange
























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