REG - Russian Prosperity - Appointment of additional Custodian

Bank Of New York MellonAnnouncement

11/03/2020 12:25

RNS Number : 7834F
  
Russian Prosperity Fund Ltd (The)
  
11 March 2020
  
 

                                     STOCK EXCHANGE ANNOUNCEMENT
 
For Immediate Release                                                                             11 March, 2020
 
the Russian Prosperity Fund (the "Fund")
 
Re: Appointment of additional Custodian
 
The Directors of the Fund wish to announce that, with effect from 8 of June, 2018, VTB Bank (public joint-stock company) (the "Additional Custodian") has been appointed as an additional custodian to the Fund, pursuant to a Custody Agreement, dated 8  June 2018, between the Fund and the Additional Custodian.  The Custody Agreement is governed by Russian Law and any dispute thereunder will be resolved by the Moscow Court of Arbitration. 
 
VTB bank is regulated and licenced by the Central Bank of Russia and the Federal Service for the provision of depositary (custody) services.  With assets under Custody exceeding US$80 billion, VTB Banks serves over 135,000 clients, including Russian and foreign banks, global custodians, brokers and individuals. 
 
VTB Bank is a Russian custodian for The Bank of New York Mellon and Deutsche Bank Trust Companies Americas for programs of global and US depositary receipts.  
 
The current primary custodian of the Fund's cash and securities is Pictet & Cie (Europe) S.A. (the "Primary Custodian"). 
 
The Additional Custodian is being appointed in addition to the other custodians of the Funds' assets, being the Primary Custodian, PJSC Citibank (the "Ukrainian Custodian") and JSC Halyk Finance (the "Kazakhstan Custodian"). The Investment Manager will allocate the assets of the Fund to the appropriate custodians.  
 
The Ukrainian Custodian has been appointed as a custodian in respect of Ukrainian Securities and the Kazakhstan Custodian has been appointed as custodian in respect of Kazakhstan securities.
 
The Additional Custodian has been appointed as an additional custodian to hold Russian securities for contingency purposes and in certain limited circumstances (for example, where using the Additional Custodian may, inter alia, facilitate; participation in corporate actions, settlement of a strategic transaction, improved securities settlement and/or improved settlement time for dividend payments).  
 
The Additional Custodian will be responsible for safekeeping assets of the Fund deposited with it.  Such assets will be held by the Additional Custodian in a separate client account and will be separately designated in the books of the Additional Custodian as belonging to the Fund.  
 
 
The Additional Custodian will receive a fee from the Fund, comprising of: (i) safekeeping fees, which vary depending on the quantum and nature of the assets held in custody, and which range from 0.030% to 0.080% per annum, and which are the subject of minimum fees per quarter of US$20 to US$30; and (ii) account opening and maintenance fees, transaction fees and certain other fees and costs dependent on the Company's activities. 
 
The Additional Custodian Agreement may be terminated at any time upon ninety (90) days written notice from the Fund to the Additional Custodian or from the Additional Custodian to the Fund.
 
The delay in notifying Euronext Dublin of this appointment was due to an administrative oversight. 
 
 
Enquiries to:
 































Davy 


David Ryan


+353 1 614 3353



 
 
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.
 


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