28 Jul 2014 12:05
To: RNS
Date: 28 July 2014
From: F&C Private Equity Trust plc
Compliance with the Alternative Investment Fund Managers Directive ("AIFMD")
The Board is pleased to announce that the Company has entered into arrangements necessary to ensure compliance with the AIFMD.
Following a review of the Company's arrangements, the Board has approved the appointment of its existing investment manager, F&C Investment Business Limited, as the Company's alternative investment fund manager (the "AIFM") on the terms of and subject to the conditions of a new investment management agreement between the Company and the AIFM. FCIB is a subsidiary of F&C Asset Management plc and was approved as an AIFM by the UK's Financial Conduct Authority on 22 July 2014.
The Company's existing management agreement with FCIB has been replaced with the new agreement. The management fee, performance fee and notice period provisions remain unchanged.
The Board has appointed J.P. Morgan Europe Limited (the "Depositary") to act as the Company's depositary (as required by the AIFMD) on the terms of and subject to the conditions of a depositary agreement between the Company, the AIFM and the Depositary. JPMorgan Chase Bank NA will provide custody functions as a delegate of the Depositary.
For more information, please contact:
Hamish Mair (Investment Manager) | 0131 718 1184 hamish.mair@fandc.com
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Gordon Hay Smith (Company Secretary) | 0131 718 1018 gordon.haysmith@fandc.com
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