BB Healthcare (BBH) announced the appointment of Bellevue Asset Management (Bellevue UK) as its new manager, in a move that had been put forward in BBH’s IPO prospectus dated 5 November 2016. Bellevue had been hitherto delegated management of the trust by Mirabella Fund Services (Mirabella). it was intended that Bellevue would eventually take over management of BBH’s portfolio, subject to securing the relevant regulatory approvals.
The company’s investment strategy is unchanged and the investment team at Bellevue UK will continue to be led by Paul Major and Brett Darke.
Bellevue UK has been authorised as a full-scope UK alternative investment fund manager (AIFM) by the Financial Conduct Authority. In its role as AIFM, Bellevue UK will carry out portfolio management services and risk management services will be delegated to Bellevue AG. To effect these changes, the existing DPMA has been terminated and replaced by an investment management agreement between the Company and Bellevue UK under the same commercial terms, including in respect of fees and termination provisions, as the existing DPMA, and an agreement for the provision of risk management services has been entered into between Bellevue UK and Bellevue AG.
Small cost saving for BBH
BBH noted that its management agreement with Mirabella has also been terminated, resulting in a small cost saving for the company.
Click here to read BBH’s covid-19 update, published on 20 March,
BBH: BB Healthcare announces changes to its AIFM agreement, no change to strategy or lead managers