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 £30,000 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 £200 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 £130,000 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 £200 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
