Change of Investment Manager to the underlying funds of L32 Reliance Emergent India

22 November 2018

Friends Provident International Limited (“Friends Provident International”) has been notified by Reliance Asset Management Limited (the “Company”) of a change in investment manager of L32 Reliance Emergent India. This change will come into effect on or before the end of February 2019.

The Company has stated the following:

“the Directors of the Fund have, at a Board of Directors’ meeting held on 03rd October 2018, passed the following resolutions:

  1. a proposal be made by the Fund to Reliance Asset Management (Singapore) Pte Ltd for the latter to be appointed as the investment manager of the Fund;
  2. authority be given to Reliance Asset Management (Singapore) Pte Ltd to carry out their due diligence on the Fund with a view to consider accepting the position as investment manager of the Fund;
  3. approval of the Financial Services Commission of Mauritius (“FSC”) be sought for the change in investment manager of the Company;
  4. subject to the approval of the FSC:
    1. the change in investment manager of the Company from Reliance Manager (Mauritius) Ltd to Reliance Asset Management (Singapore) Pte Ltd be approved;
    2. the documents of the Company, including but no limit to the Private Placement Memorandum, term sheet and Constitution be updated to reflect the above changes; and
  5. subject to the approval of the shareholders, following the appointment of Reliance Asset Management (Singapore) Pte Ltd as investment manager of the Fund, the investment of the Fund into India be routed via the RAMS Equities Portfolio Fund managed by Reliance Asset Management (Singapore) Pte Ltd instead of the Scheme in India.

Please take notice that the above changes are expected to be undertaken and completed within the next three months, subject to obtaining the approval of the FSC and the prior consent of the shareholders. We will inform all investors promptly as soon as the changes have been effected.”

Should you have any questions regarding these changes, please contact International Funds & Investments.