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Global Specialised Opportunities 1 Limited – Change of Investment Manager
HAMILTON, Bermuda – 30 March, 2012 – In a filing with the Bermuda Stock Exchange (“BSX”) the Directors of Global Specialised Opportunities 1 Limited (the “Company”; Ticker: GLSPOPP.GU) announce the appointment of Grovepoint Capital LLP (“Grovepoint”) as Investment Manager with effect from 1 April 2012 following the termination of the previous investment management agreement between the Company and Investec Bank (Switzerland) AG (the “Previous Investment Manager”).
The decision to change the investment manager was made by the Directors following the recent move of the investment team that formerly resided within the Investec Group, which was the sub-advisor to the Previous Investment Manager of the Company since its inception. The investment team, headed by Brent Geater, former Head of Specialised Opportunities at Investec Bank Plc, has now moved from the Investec Group to Grovepoint.
Grovepoint was established in 2010 by its founders Bradley Fried, the former CEO of Investec Bank Plc, and Leon Blitz who previously headed Investec’s Private Banking and Principal Investment divisions. The Investec Group holds a partnership interest in Grovepoint along with two other financial investors. Grovepoint is managed by Bradley Fried, Leon Blitz and Brent Geater.
The Previous Investment Manager and Investec Capital Markets will continue to provide custody and structural facilitator services respectively to the Company as they had prior to the change of investment manager. These parties did not receive separate fees in addition to the Previous Investment Manager’s annual fee of 1.35% per annum of the Net Asset Value (“NAV”) of the Company. Consequently Grovepoint’s annual fee is 1.05% per annum of NAV, with the difference becoming payable as a Custody Fee of 0.20% per annum of NAV of the Company and a Structural Facilitator Fee of 0.10% of NAV of the Company.
Hence, there is no increase in the aggregate fees payable for investment management, custody and structural facilitator services. The Investment Managers fee will be calculated on the quarter end NAV of the Company and paid quarterly in arrears.
None of the Investment Objectives, Investment Policy, Investment Scope, Investment Strategy or Investment Term of the Company (as set out in the Prospectus) has been materially altered as a result of the change of investment manager.
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