Notice of appointment
21 June 2010 Dublin
Image: Shutterstock
The Pegasus Fund Ltd has in the past week notified the markets of their appointing Citigroup Global Markets as its prime broker. In a recent statement to the stock exchange they reported the following;
The Board of Directors of the Company wish to announce Citigroup Global Markets Limited has been appointed, to replace Morgan Stanley, as Prime Broker to the Company.
Citigroup Global Markets Limited (the "Custodian") has been appointed to serve as Custodian to the Company pursuant to a Custodian Agreement dated 26 June 2008 between the Company and the Custodian.
Citigroup Global Markets Limited is authorised by the Financial Services Authority, has financial resources in excess of USD200 million and it, or its parent company, has a minimum credit rating of 'A2' for long term debt from the credit agency of Moody's or 'A' from Standard & Poor's or Fitch and a minimum of 'P-1' or 'A-1' or 'F1', respectively, for short term debt from those same agencies.
The Agreement relates to the provision of execution, custodial, financing, clearing, settlement and foreign exchange facilities to the Company. The Agreement may be terminated at any time by notice to take effect immediately or after a specified period and contains provisions limiting the Prime Broker's liability to the Fund and under which the Fund agrees to indemnify the Prime Broker.
All material terms of the Agreement reflect the terms of the previous custody agreement entered into by the Company with Morgan Stanley.
The Prime Broker is responsible for the safekeeping of all of the assets of the Company except margin deposited with other brokers.
The announcement was not released earlier to the Irish Stock Exchange due to an administrative oversight.
The Board of Directors of the Company wish to announce Citigroup Global Markets Limited has been appointed, to replace Morgan Stanley, as Prime Broker to the Company.
Citigroup Global Markets Limited (the "Custodian") has been appointed to serve as Custodian to the Company pursuant to a Custodian Agreement dated 26 June 2008 between the Company and the Custodian.
Citigroup Global Markets Limited is authorised by the Financial Services Authority, has financial resources in excess of USD200 million and it, or its parent company, has a minimum credit rating of 'A2' for long term debt from the credit agency of Moody's or 'A' from Standard & Poor's or Fitch and a minimum of 'P-1' or 'A-1' or 'F1', respectively, for short term debt from those same agencies.
The Agreement relates to the provision of execution, custodial, financing, clearing, settlement and foreign exchange facilities to the Company. The Agreement may be terminated at any time by notice to take effect immediately or after a specified period and contains provisions limiting the Prime Broker's liability to the Fund and under which the Fund agrees to indemnify the Prime Broker.
All material terms of the Agreement reflect the terms of the previous custody agreement entered into by the Company with Morgan Stanley.
The Prime Broker is responsible for the safekeeping of all of the assets of the Company except margin deposited with other brokers.
The announcement was not released earlier to the Irish Stock Exchange due to an administrative oversight.
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