Press Release - Evenlode preparing to appoint IFSL as new ACD for funds
Investment manager Evenlode is preparing to appoint the Marlborough Group’s Investment Fund Services Limited (IFSL) as authorised corporate director (ACD) for its three UK-domiciled funds, which have more than £5.5 billion of assets under management.
Evenlode has signed a letter of intent to appoint IFSL as ACD for Evenlode Income, Evenlode Global Income and Evenlode Global Equity. IFSL would also take on fund administration responsibilities for the three funds. The changes, which are subject to FCA approval, are planned to take effect in March 2024.
The ACD has ultimate responsibility for a fund’s compliance with FCA regulations and its role also includes ensuring a fund is managed in the best interests of its investors.
David Hopkins, Head of Operations at Evenlode, said:
“In common with other fund groups, we conduct regular reviews of our service providers and, as part of our due diligence, we research the services offered by alternative providers.
“Having undertaken this process, and following careful consideration, we have taken the view that IFSL is strongly positioned to act as ACD for Evenlode Income, Evenlode Global Income and Evenlode Global Equity, as we continue with our long-term growth strategy. We’re looking forward to a long and successful partnership with IFSL.”
Allan Hamer, CEO of IFSL, said:
“The ACD is the independent steward overseeing how a fund is run and helping to protect the best interests of investors. This is an important role and we’re delighted that Evenlode have chosen us to take on responsibility for their funds.
“Evenlode are a highly respected name in the investment world and they share the Marlborough Group’s all-important ‘can do’ culture, along with our commitment to achieving strong growth and delivering first-class outcomes for fund investors.
“We have an enormous breadth and depth of experience within the Marlborough Group and we’re very much looking forward to working with Evenlode. We have a common aim, which is to see their funds go from strength to strength.”
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