CQS New City High Yield Fund Ltd Outsourcing Arrangement (5849O)

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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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May 18, 2018 06:23 ET (10:23 GMT)