Signing of New Investment Management Agreement

RNS Number : 4109T

Qatar Investment Fund PLC

19 November 2013

 

19 November 2013

Qatar Investment Fund PLC ("QIF" or the "Company")

Investment Manager

Further to the announcement dated 18 April 2013, the board of the Company wishes to confirm that a revised management agreement was entered into with its investment manager Epicure Managers Qatar Limited ("EMQL"), a wholly owned subsidiary of Qatar Insurance Company S.A.Q. (the "Revised Investment Management Agreement").

The Revised Investment Management Agreement is for a three year period from 1 November 2013. The revised fee arrangements are a reduced management fee of 1.05% per annum of the net asset value of the Company, calculated monthly and payable quarterly in arrears, with such management fee reducing further to 1.0% from 1 November 2015 for the final year of the agreement. The lower management fee will significantly reduce the overall costs for the Company.

There have been minor amendments to the terms of the performance fee, such that the effect of accretion of net asset value as a result of buybacks or other returns of capital are excluded from the net asset value used for the performance fee calculation, and any dilution from a corporate action such as an issue of new ordinary shares would be added back to the net asset value calculation.

All other terms remain unchanged from that of the previous investment management agreement.

In addition, a new investment advisory agreement has been entered into in the same form as the previous investment advisory agreement, whereby investment advisory services are delegated to Qatar Insurance Company S.A.Q.

For further information:

Qatar Investment Fund plc [phone]

Nick Wilson

Panmure Gordon [phone]

Andrew Potts

Maitland [phone]

William Clutterbuck/Robbie Hynes  

 

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