2 November 2020
Temple Bar Investment Trust PLC (“Temple Bar” or the “Trust”)
Change of investment manager
Further to the announcement made on 23 September 2020 the Board is pleased to announce that RWC Asset Management LLP (“RWC”) has been formally appointed as the Trust’s investment manager.
On 30 October 2020 the Trust entered into an Alternative Investment Fund Manager’s Agreement (the “AIFM Agreement”) with Link Fund Solutions Limited (“Link”) under the terms of which (pursuant to a portfolio management agreement also entered into on 30 October 2020 and to which Temple Bar is a party (the “Portfolio Management Agreement”)) Link has delegated portfolio management to RWC.
Under the terms of the Portfolio Management Agreement RWC will be paid a management fee equal to 0.35 per cent. per annum of the Trust’s total assets. Furthermore as the Fund is contractually obliged to pay its previous investment manager, Ninety One Fund Managers UK Limited (“Ninety One”) its management fee until 20 April 2021 (the date upon which notice previously served on Ninety One by the Trust would have expired) RWC has agreed that it will forgo the management fee to which it would otherwise have been entitled to 30 June 2021 in order largely to defray the fixed costs and expenses incurred by Temple Bar in connection with the appointment of RWC as the Trust’s investment manager. RWC’s appointment is for an initial term of 18 months and may thereafter be terminated on 6 months’ notice. The Portfolio Management Agreement is capable of termination in certain usual circumstances including in the event that both Nick Purves and Ian Lance cease to be responsible for the management of the Trust’s assets or otherwise become incapacitated.
The Board is also pleased to announce that on 30 October 2020 the Trust appointed the Bank of New York Mellon (International) Limited to act as depositary in place of HSBC Bank Limited, entered into a fund administration agreement with Link Alternative Fund Administrators Limited and appointed Link Company Matters Limited as the new Company Secretary.
Furthermore, the Company’s registered address has changed to Beaufort House, 51 New North Road, Exeter, EX4 4EP.
For further information please contact:
Temple Bar Investment Trust PLC via J.P. Morgan Cazenove
Arthur Copple (Chairman)
J.P. Morgan Cazenove
William Simmonds +44 (0)20 7742 4000
Gary Tuffield +44 (0)20 7227 6025
Montfort Communications RWC@montfort.london
Gay Collins +44 (0) 7798 626282
Toto Reissland-Burghart +44 (0) 7976 098139