Source - RNS
RNS Number : 6085M
GAM Global Rates Hedge Fund
14 October 2016
 

STOCK EXCHANGE ANNOUNCEMENT

 

For Immediate Release                                                                         14 October, 2016

 

GAM Global Rates Hedge Fund

(the "Fund")

 

Re: Appointment of new Administrator and Custodian

 

The Directors of the Fund wish to announce the following changes that are to be made to the Fund and to GAM Global Rates Master Hedge Fund (the "Master Fund"), effective as of 3 October 2016:

 

Appointment of new Administrator

 

State Street Fund Services (Ireland) Limited (the "Administrator") has been appointed, in place of JP Morgan Chase Bank N.A. (London Branch), as administrator of the Fund, pursuant to an administration agreement, dated 3 October 2016, between the Fund and the  Administrator (the "Administration Agreement"). The Administrator's address is 78 Sir John Rogerson's Quay, Dublin, Ireland.

 

The material terms and conditions under the new Administration Agreement have not altered materially from those of the previous Administration Agreement, save for the following amendment to the termination notice period: a change from initial term 3 years, automatically renewed for successive one year periods, with termination upon 180 days' notice prior to the end of the initial term or renewal term to an initial period of 6 months with termination upon 60 days' notice to terminate.

 

State Street Fund Services (Ireland) Limited has also been appointed, in place of JP Morgan Chase Bank N.A. (London Branch), as administrator to Master Fund.   The Administrator to the Master Fund has been appointed pursuant to a master administration agreement, dated 3 October 2016, between the Master Fund and the Administrator (the "Master Administration Agreement").

 

The material terms and conditions under the new Administration Agreement have not altered materially from those of the previous Administration Agreement, save for the following amendment to the termination notice period: a change from initial term 3 years, automatically renewed for successive one year periods, with termination upon 180 days' notice  prior to the end of the initial term or renewal term to an initial period of 6 months with termination upon 60 days' notice to terminate.

 

Appointment of new Custodian

 

State Street Custodial Services (Ireland) Limited (the "Custodian") has been appointed as custodian to the Fund pursuant to a custody agreement, dated 3 October 2016, between the Fund and the Custodian (the "Fund Custody Agreement"). 

 

The Custodian is a limited liability company incorporated in Ireland on 22 May 1991 and is, like the Administrator, ultimately owned by State Street Corporation. The Custodian's principal business is the provision of custodial and trustee services for collective investment schemes and other portfolios.

 

State Street Custodial Services (Ireland) Limited has also been appointed as custodian to the Master Fund in place of JP Morgan Chase Bank N.A. (London Branch), pursuant to a custody agreement, dated 3 October 2016, between the Master Fund and the Custodian (the "Master Custody Agreement").  The Fund Custody Agreement and the Master Custody Agreement shall together constitute the "Custodial Agreements".

 

The Custodian will be responsible for safekeeping all of the assets of the Fund and Master Fund other than assets deposited as margin with brokers.  Such assets will be held by the Custodian in a separate client account and will be separately designated in the books of the Custodian as belonging to the Fund or Master Fund, as appropriate.

 

Sub-custodians may be appointed by the Custodian, provided that the Custodian shall exercise reasonable skill, care and diligence in the selection of a suitable sub-custodian and shall be responsible to the Fund and Master Fund for the duration of the sub-custody agreement for satisfying itself as to the ongoing suitability of the sub-custodians to provide custodial services to the Fund and Master Fund.  The Custodian will also 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 sub-custodian appointed will be paid normal commercial rates.

 

Subject to the Custodian's responsibilities described in the preceding paragraph and subject to the acts and omissions of any sub-custodians which are affiliates of the Custodian, the Custodian shall not be liable in the event of the loss of any assets held by a sub-custodian.

 

The Fund and the Master Fund reserve the right to change the custodian arrangements by agreement with the Custodian. The Fund and Master Fund, in their discretion and by a resolution of the Directors of the Fund and Master Fund, may appoint additional or alternative custodian(s) without prior notice to Shareholders. Shareholders will be notified in due course of any appointment of additional or alternative custodian(s).  The Custodial Agreements may be terminated by the Fund, Master Fund or the Custodian at any time by giving 60 days' prior written notice to the other party.

 

Under the Custodial Agreements, the termination notice periods have changed from 90 days to an initial period of 6 months with termination upon 60 days'.

 

The Administrator and Custodian will receive a fee from the Master Fund, of up to 0.15% of net asset of the Fund per annum for both administration and custodial services.

 

Save for the above the terms and conditions under the Custodial Agreements have not altered materially from those of the previous Custodial Agreements.

Neither the Custodian nor any other custodian is involved, directly or indirectly, with the business affairs, organisation, sponsorship or management of the Fund or Master Fund nor are they responsible for the preparation of this document.

 

Enquiries to:

 

Davy

David Ryan

+353 1 614 8933

GAM

Aldrian Foo

 

+44 207 493 9990

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.

 


This information is provided by RNS
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