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Monday, 4 September 2017

Octopus Titan VCT plc : Change of Investment Manager

     

Published: 10:24 CEST 04-09-2017 /GlobeNewswire /Source: Octopus Titan VCT plc / : OTV2 /ISIN: GB00B28V9347

Octopus Titan VCT plc : Change of Investment Manager

Octopus Titan VCT plc ("the "Company")

 

4 September 2017

 

Investment Management Arrangements

 

The Company is classified by the Financial Conduct Authority as an alternative investment fund (an "AIF"). Under the Alternative Investment Fund Management Directive (the "AIFM Directive"), member states are required to ensure that each AIF managed within the scope of the AIFM Directive has a single alternative investment fund manager (an "AIFM") responsible for ensuring compliance with the AIFM Directive. An AIFM must provide, at a minimum, portfolio management and risk management services to one or more AIFs as its regular business irrespective of where the AIFs are located or what legal form the AIFM takes. 

 

AIFMs that manage AIFs whose assets under management ("AUM") do not meet the size criteria set out in the AIFM Directive ("sub-threshold") will not be subject to the full requirements of the AIFM Directive.   Whilst the Company is presently considered to be a sub-threshold AIFM, future fundraisings may mean this threshold is exceeded. Therefore, Octopus AIF Management Limited, which is a full scope alternative investment fund manager, has been appointed as the Company's fund manager and the current investment management agreement between the Company and Octopus Investments Limited ("OIL") has been assigned by way of the deed of novation from OIL to Octopus AIF (the "Assignment"), and subsequently amended and restated by way of a deed of variation and restatement in order to reflect Octopus AIF's status as a full scope AIFM. Pursuant to a sub-management agreement (the "Sub-Management Agreement") between Octopus AIF and OIL, OIL continues to provide portfolio management services to the Company and pursuant to a depositary agreement BNP Paribas provides depositary services to the Company.

 

As a result of the Assignment and the Sub-Management Agreement, the personnel managing the Company's portfolio, and the investment management fee payable by the Company, remain unchanged.

           

For further information please contact:

 

Nicola Board

Company Secretary

0207 776 8663





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Octopus Titan VCT plc, 33 Holborn, London EC1N 2HT, United Kingdom
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