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Four Capital Funds (IRSH)

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Friday 01 April, 2011

Four Capital Funds

Change of Administrator and Custodian

RNS Number : 1888E
Four Capital Funds plc
01 April 2011
 



COMPANY ANNOUNCEMENT

 

 

Immediate Release

                                  1 April 2011

 

                                                             

FOUR Capital Funds plc (the "Company")

 

Re: Change of Administrator and Custodian

 

The Directors of the Company would like to announce that the Company have appointed The Governor and Company of the Bank of Ireland in place of BNY Mellon Trust Company (Ireland) Limited as custodian of its assets pursuant to the Custodian Agreement dated 31 March 2011.  The Custodian provides safe custody for the Company's assets. The Custodian was established by Royal Charter in 1783 and is one of Ireland's largest banks.  As at 28 February 2011, the Custodian had assets in excess of US$75 billion under custody. The Custodian's main activity is banking business and it is a public company quoted on the Irish, London and New York stock exchanges.

 

The Custodian is regulated by the Central Bank of Ireland.  The Custodian is responsible for the safe-keeping of the assets of the Company.  The Custodian may, however, appoint any person or persons to be the sub-custodian of such assets but any liability of the Custodian shall not be affected by the fact that it has entrusted some or all of the assets in its safekeeping to any third party. The Company and the Custodian acknowledge that the Central Bank considers that in order to discharge its responsibility under the Act, the Custodian must exercise care and diligence in choosing and appointing such third parties so as to ensure that the third party has and maintains, the expertise, competence and standing appropriate to discharge the responsibilities concerned.  The Custodian must maintain an appropriate level of supervision over the third party and shall make appropriate enquiries, from time to time, to confirm that the obligations of the third party continue to be competently discharged.

 

As the Company may invest in markets where custodial and/or settlement systems are not fully developed, the assets of the Company which are traded on such markets and which have been entrusted to sub-custodians, in circumstances where the use of such sub-custodians is necessary, may be exposed to risk in circumstances whereby the Custodian will have no liability.  This will however be without prejudice to the obligations of the Custodian to exercise care and diligence in appointing such sub-custodian and to maintain an appropriate level of supervision over such sub-custodian, although the parties hereby acknowledge that there may be circumstances whereby the Custodian's ability to comply with these obligations is constrained, for example where there is only one sub-custodian which can be used in a market.

 

The Custodian is not involved directly or indirectly with the business affairs, organisation, sponsorship or management of the Company and is not responsible for the preparation of this document other than the preparation of the above description and accepts no responsibility or liability for any information contained in this document except disclosures relating to it.

 

JP Morgan Administration Services (Ireland) Limited has been appointed Administrator under the Administration Agreement dated 31 March 2011 in place of Capita Financial Administrators (Ireland) Limited. The Administrator is engaged in the provision of fund administration, accounting, registration, transfer agency and related shareholder services to collective investment schemes.

The Administrator is a private limited liability company incorporated in Ireland on 7 November 2001 and is ultimately a wholly-owned subsidiary of J.P. Morgan Chase & Co.  The authorised share capital of the Administrator is 10,000,000 shares of EUR1 each and its issued share capital is 1 share of EUR1.

 

The duties and functions of the Administrator will include, inter alia, the calculation of the Net Asset Value, the keeping of all relevant records and accounts of the Company as may be required with respect to the obligations assumed by it pursuant to the Administration Agreement and the Regulations.

 

                                               

 

Maples and Calder

Laurence Morrissey

+353 1 619 2057

 

 

 

 

 

 

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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