CQS New City High Yield Fund Ltd Outsourcing Arrangement (5849O)
18 May 2018 - 8:23PM
UK Regulatory
TIDMNCYF
RNS Number : 5849O
CQS New City High Yield Fund Ltd
18 May 2018
To: RNS
From: CQS New City High Yield Fund Limited
LEI: 549300KMGN75B0PTWT07
Date: 18 May 2018
Outsourcing Arrangement
Following the introduction of an amended Outsourcing Policy by
the Jersey Financial Services Commission ("JFSC"), CQS New City
High Yield Fund Limited ("the Company") is pleased to set out its
outsourcing arrangements as detailed below.
R&H Fund Services (Jersey) Limited ("R&H") was appointed
as the Company's administrator and secretary pursuant to the
Administration Agreement dated 2 February 2007. R&H entered
into a Delegation Agreement with Maitland Administration Services
(Scotland) Limited ("Maitland") on 13 December 2011. Pursuant to
the terms of the Delegation Agreement R&H has delegated all
administration and secretarial functions to Maitland. In such
capacity, Maitland is responsible for general secretarial functions
required by Companies (Jersey) Law 1991 and for ensuring that the
Company complies with its Articles and its continuing obligations
as a company listed on the premium segment of the Official List.
Maitland is also responsible for the Company's general
administrative functions as set out in the Administration
Agreement.
The principal activities performed by R&H are undertaking
the main compliance functions of the Company, including the
provision of a compliance officer, money laundering compliance
officer and money laundering reporting officer; compliance
monitoring; liaison with the JFSC; and oversight of Maitland. In
addition R&H is required to procure the provision of a
registered office address in Jersey. A fee of GBP30,000 is payable
by the Company to R&H Fund Services (Jersey) Limited for these
activities. The Administration Agreement also provides that a
further fee (in a ratio of 30/160) of 0.01 per cent. per annum of
the total assets of the Company which exceeds GBP200 million, is
payable to R&H.
The Administration Agreement can be terminated by the Company or
R&H on twelve months' written notice.
A fee of GBP130,000 per annum (which is variable by reference to
the UK Retail Prices Index) is payable by the Company to Maitland
pursuant to the Delegation Agreement. This agreement also provides
that a further fee (in a ratio of 130/160) of 0.01 per cent. per
annum of the total assets of the Company which exceeds GBP200
million, is payable to Maitland.
The Delegation Agreement can be terminated by the Company,
R&H or Maitland on twelve months' written notice.
For further information please contact:
Martin Cassels
Maitland Administration Services (Scotland) Limited
0131 550 3760
Hilary Jones
Company Secretary
R&H Fund Services (Jersey) Limited
01534 825323
This information is provided by RNS
The company news service from the London Stock Exchange
END
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