Since authorisation of the E.I. Sturdza Funds plc (the “Fund”), HSBC Securities Services (Ireland) Limited and HSBC Institutional Trust Services (Ireland) Limited respectively (collectively “HSBC”) have provided administration and custodian services to the Fund. Following an extensive review of service providers and the Fund’s operational processes, the Directors of the Fund, on recommendation from E.I. Sturdza Strategic Management Limited (EI Sturdza) have determined to change service providers and to appoint GlobeOp Financial Services (Ireland) Limited, a division of SS&C Technologies (“SS&C”) as Fund Administrator and BNY Mellon Trust Company (Ireland) Limited (“BNY Mellon”) as Depositary. The transition of service providers will become effective on 4th November 2016.
HSBC are currently providing a range of services to the Fund, including Custody and Trustee Depositary Services, Fund Administration, Other Administration, Transfer Agency, Financial Reporting, Tax Reporting and some compliance functions. Following a review of the current services and processes provided by HSBC, as well as a detailed review of services offered by each of SS&C and BNY Mellon it was determined that a move to SS&C and BNY Mellon would offer additional enhancements to the Fund and our investors whilst also benefiting from reduced costs.
SS&C and BNY Mellon provide a range of services including those mentioned above. In addition SS&C provide a front end trading system, as well as middle and back office offerings which will assist the Fund in increasing the level of straight through processing.
GLOBEOP FINANCIAL SERVICES (IRELAND) LIMITED
SS&C is one of the world’s largest administrators with core competencies in private equity, hedge funds, fund of funds and managed accounts. SS&C has been providing outsourcing and fund administration services since 1995.
SS&C has in excess of USD 1 trillion in assets under administration.
BNY Mellon is a global investment company, with a long-term deposit credit rating of AA+ by Fitch and stable outlook.
As at the end of June 2016, BNY Mellon had USD 29.5 trillion under custody and/or administration and USD 1.7 trillion under management.
RATIONALE FOR THE TRANSITION
The Board of Directors of the Fund following a recommendation from EI Sturdza, as Investment Manager, has determined to appoint the new service providers. It is expected the proposed changes will benefit the Fund due to reduction of the Total Expense Ratio, expanded use of straight though processing, enhanced automation of operational systems and as a result mitigation of operational risk.
TIMELINE FOR TRANSITION
EI Sturdza will co-ordinate with SS&C and BNY Mellon to complete the set up process, which will include parallel running of services by SS&C currently undertaken by HSBC to ensure a smooth and uninterrupted transition and continued service for our investors.
Revised documentation, including prospectus, application forms and KIIDs will be released by EI Sturdza as soon as they are finalised and formally approved by all relevant parties.
Further all documentation will also be made available via EI Sturdza’s website (WWW.EISTURDZA.COM). It is anticipated that the revised documentation will be available in early November.
EI Sturdza will continue to provide periodic updates throughout the process, and will be happy to address any queries that may arise in the interim.
Further, SS&C will send direct communication to all registered shareholders in due course, providing confirmation of new registered account details and access to “Go Book”, an online investor portal from which users will be able to obtain daily statements of holdings.