Source - RNS
RNS Number : 6804L
Coronation Universal Fund
04 October 2016
 

 

 

 

STOCK EXCHANGE ANNOUNCEMENT - FOR IMMEDIATE RELEASE

 

Coronation Universal Fund (the "Fund")

 

Coronation Global Equity Fund of Funds

Coronation Africa Frontiers Fund

Coronation Global Emerging Markets Equity Fund

(each a "Portfolio" and together the "Portfolios")

 

RE: CHANGE TO THE PORTFOLIOS

 

4TH OCTOBER 2016

 

 

The Board of Directors of Coronation Global Fund Managers (Ireland) Limited, in its capacity as the alternative investment fund manager of the Fund (the "AIFM") wish to announce the following changes to the Portfolios.

 

Change of Administrator

 

JP Morgan Hedge Fund Services (Ireland) Limited previously acted as the Administrator of the Fund. After careful consideration, it has been decided to consolidate the administration services provided by the JP Morgan group of companies to the AIFM across the various funds that are managed by the AIFM onto a single fund accounting and a single transfer agency platform within JP Morgan (the "Re-platforming").  As a consequence of the Re-platforming, J.P. Morgan Administration Services (Ireland) Limited has been appointed by the AIFM in the place of JP Morgan Hedge Fund Services (Ireland) Limited as Administrator of the Fund with effect from 3 October, 2016 (the "Ïmplementation Date").

 

The AIFM is satisfied that the Re-platforming will lead to greater efficiencies for the Fund and, in time, lower costs and that the Re-platforming will not impact negatively on the administration services delivered to the Portfolios nor on the client experience of Unitholders.

 

Consequential Prospectus Changes

 

As a consequence of the Re-platforming, it has become necessary to amend the definitions of Business Day, Dealing Day, Valuation Point and Repurchase Day that currently appear in the Prospectus and Supplements of the Portfolios, with effect from the Implementation Date.

 

Unitholders should, in particular, note the following changes that will take place on the Implementation Date:

 

1.   the Dealing Day and the Valuation Point of the Portfolios shall fall on the same day (currently the Valuation Point is a defined time on the Business Day preceding the Dealing Day); and

 

2.   the Dealing Day of each Portfolio shall move from the first business day of each week and first business day of each calendar month to the last business day of each week and the last business day of each calendar month.

 

The effect of the combination of these changes is that the Portfolios will continue to be valued as at the same regular points, but there will no longer be a lag between these regular points and the transaction dates for investors.

 

Secondly the Manager wishes to announce the following change to Coronation Global Emerging Markets Equity Fund (the "Portfolio"):

 

Appointment of Coronation Investment Management International (Pty) Ltd as Investment Manager to Coronation Global Emerging Markets Equity Fund (the "Portfolio")  

 

At present, Coronation Asset Management (Pty) Limited, being a wholly owned subsidiary within the Coronation group of companies (the "Coronation Group") acts as the Investment Manager of the Portfolio. As part of an internal restructuring of the Coronation Group due to South African regulations, the AIFM will appoint Coronation Investment Management International (Pty) Ltd, also a wholly owned subsidiary within the Coronation Group, as Investment Manager of the Portfolio with effect from 3 October, 2016.

 

Coronation Investment Management International (Pty) Ltd is licensed by the South African Financial Services Board to act as a discretionary financial services provider and is registered as an investment adviser with the U. S. Securities and Exchange Commission (the "SEC").  [1] The Central Bank of Ireland has cleared Coronation Investment Management International (Pty) Ltd to act as an investment manager for Irish collective investment schemes.

 

We confirm that this change will have no impact upon the investment objectives, policies or strategies pursued by the Portfolio, nor the investment team and personnel managing the Portfolio.

 

Enquiries:

Coronation Fund Managers         Brian Thomas or Gus Robertson              +27 (0) 21 680 2000

 

 

 

 

 

 

 

 

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.

 

 

 

[1] The registration of Coronation Investment Management International (Pty) Ltd with the SEC must not be construed as, nor is it intended to be an indication that the Coronation Universal Fund or any of its sub-funds has been approved by the SEC.  For avoidance of doubt, no such approval has been issued by the SEC.


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