HarbourVest Senior Loans Europe Limited (“HSLE” or the “Company”) announces the appointment of Spire Partners LLP (“Spire”), an independent asset management firm focused on European noninvestment grade credit, as its investment manager in place of HarbourVest Senior Loan Advisers L.P (“HarbourVest”).
Spire has been acting as sub investment adviser since 28 February 2014 and will become the investment manager with immediate effect. The Company’s previous investment management agreement with HarbourVest has now been terminated.
In addition, as the Company continues to address its cost base, the Board has decided to replace BNP Paribas Fund Services (Guernsey) Limited (“BNP”) as administrator, and company secretary with Praxis Fund Services Limited (“Praxis”). The Praxis Group is one of the largest independently owned financial services groups based in the Channel Islands. The Board has further resolved that there is no current requirement for a custodian. Therefore, BNP Paribas Securities Services S.C.A. will cease to act as custodian for the Company. Praxis will provide safe keeping services for any documents of title relating to the loans.
Colin Maltby, Chairman of HSLE, said: “We would like to thank HarbourVest and BNP for their involvement in the Company to date, and are looking forward to working with Spire Partners during this next phase of HSLE’s evolution.”
A meeting of the Company’s shareholders will be convened in due course at which a resolution to change the name of the Company to remove the reference to HarbourVest will be put forward.