STOCK EXCHANGE ANNOUNCEMENT - FOR IMMEDIATE RELEASE
LYXOR/MARSHALL WACE TOPS EUROPEAN FUND LIMITED
RE: Appointment of an Additional Prime Broker
June 15, 2012
The Directors of the Fund wish to announce that with effect from April 4th, 2012 Credit Suisse Securities (Europe) Limited has been appointed as prime broker to the Fund in addition to the existing prime brokers (the "Prime Brokers"). The Manager of the Fund will decide how all the assets of the Fund are allocated between the Prime Brokers.
Credit Suisse Securities (Europe) Limited
Credit Suisse Securities (Europe) Limited ("CSSEL"), a subsidiary of the Credit Suisse Group and based in London, One Cabot Square, London E14 4QJ will provide prime brokerage services to the Fund.
These services may include the provision to the Fund of margin financing, clearing, settlement, stock lending and foreign exchange facilities. The Fund may also utilise CSSEL, other members of the Credit Suisse Group ("Affiliates") and other brokers and dealers for the purposes of executing transactions for the Fund.
(a) is authorised and regulated by the Financial Services Authority of the United Kingdom (the "FSA") in the conduct of its investment business; and
(b) has financial resources in excess of US$200 million (or its equivalent in another currency).
As at the date hereof CSSEL's ultimate parent company, Credit Suisse Group, has been assigned a credit rating of Aa2 for long term debt and P-1 for short term debt by the credit agency Moody's Investor Services and A for long term debt and A-1 for short debt by the credit agency Standard & Poor's.
Pursuant to the Master Prime Brokerage Terms (the "CSSEL Prime Brokerage Agreement") dated April 4th, 2012, entered into between the Fund, the Sub-Manager and CSSEL on behalf of itself and the Affiliates (each and together "CS"), CSSEL may hold investments of the Fund in custody ("Collateral") and, any such Collateral will be subject to a security interest in favour of CSSEL (and which CSSEL will also hold as trustee for the benefit of Affiliates).
Where due to the nature of the law or market practice of an overseas jurisdiction, it is in the Fund's best interests, or it is not feasible to do otherwise, its assets may be held in the name of CSSEL or an eligible sub-custodian. Any such assets which are held in the name of CSSEL, as a result, may not be segregated from CSSEL's own investments and, in the event of default of CSSEL, may not be as well protected from claims made on behalf of the general creditors of CSSEL.
Any Collateral may be sold, lent or otherwise used by CS for its own purposes in which event the Fund will have a right against CS for the return of assets equivalent to the Collateral so used. To the extent so used, any such Collateral will not be segregated from other assets belonging to CS and may be available to creditors of CS in the event of its insolvency.
Sub-custodians may be appointed by CSSEL provided that CSSEL shall exercise reasonable skill, care and diligence in the selection of a suitable sub-custodian and shall be responsible to the Fund for the duration of the sub-custody agreement for satisfying itself as to the ongoing suitability of the sub-custodians to provide services to the Fund. CSSEL also will maintain an appropriate level of supervision over the sub-custodians and will make appropriate inquiries periodically to confirm that the obligations of the sub-custodians continue to be competently discharged.
Any cash which CSSEL holds or receives on the Fund's behalf will be treated by CSSEL as client money and will be subject to the protections conferred by the FSA Client Money Rules. Cash subject to the FSA Client Money Rules shall not be used by CSSEL or any of its Affiliates (save where that Affiliate is an approved bank pursuant to the Client Money Rules) in the course of its business.
Under the CSSEL Prime Brokerage Agreement the Fund shall indemnify and hold harmless CSSEL, for any reasonable loss, claim, damage or reasonable expense incurred or suffered by, or asserted against CSSEL. CS shall not be liable for any loss or damage that is caused to the Fund, either directly or indirectly except to the extent caused as the result of its negligence, wilful misconduct, fraud or breach of the CSSEL Prime Brokerage Agreement. CS shall not be liable for any indirect, consequential, punitive, exemplary or special damages, loss of profits or loss of business to the Fund, the Sub-Manager or any third party.
The appointment of CSSEL will continue unless and until terminated by either party upon 30 business days written notice. Upon such notice becoming effective, CSSEL may refuse to settle any transactions for the Fund and the Fund shall, subject to the discharge of its obligations to CS, instruct CSSEL to transfer its assets elsewhere.
CSSEL will receive transaction fees at normal commercial rates.
CSSEL is a service provider to the Fund and is not responsible for the preparation of this document or the activities of the Fund and therefore accepts no responsibility for any information contained in this document. CSSEL is not an investment or other adviser to the Fund and will not participate in the investment decision-making process.
+ 1 353 673 1833
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.