Reporting to Client. 11.1 The Fund Manager shall keep accounts or procure that the Administrator keeps accounts in respect of the Portfolio in such a manner as to establish clearly all transactions entered into with or on behalf of the Client, and shall distinguish all transactions in such a manner as can be readily understood and shall fairly represent the state of the affairs of the Portfolio. 11.2 The Fund Manager shall or shall procure that the Administrator on reasonable request by the Client or at such intervals as may be agreed between the Fund Manager and the Client, which may not exceed three months at a time, provide the Client with a report in respect of the Portfolio. 11.3 The Fund Manager shall provide such report to the Client in electronic format. 11.4 The report shall contain sufficient information to enable the Client to: 11.4.1 produce a set of financial statements; 11.4.2 determine the composition of the assets comprising the Portfolio and the changes therein over the period reported on; and 11.4.3 determine the market value of the assets comprising the Investments and the changes therein over the period reported on. 11.5 On request by the Client, the Fund Manager shall or shall procure that the Administrator shall, furnish detailed information to the Client in respect of the following matters: 11.5.1 the original cost of the Investment held (where appropriate), as well as the latest valuation thereof (where deemed necessary); 11.5.2 Investments purchased or sold during the period reported on; 11.5.3 cash receipts and payments during the period reported on; 11.5.4 income earned and expenses incurred during the period reported on; 11.5.5 tax information necessary for the completion of any relevant tax returns; 11.5.6 details of non-cash transactions during the period, including, without limiting the generality of the foregoing, details of capitalisation issues, script dividends and option expiries; 11.5.7 Investments received or delivered to the Client or custodian; 11.5.8 profits and losses realised during the period; and 11.5.9 any other information which the Fund Manager is required by Applicable Law to furnish to the Client or which may be reasonably requested by the Client. 11.6 The Fund Manager shall make available or instruct the custodian to make available for inspection by the auditors of the Client such investment records as they may require for the purposes of audit and verification of the Investments comprising the Portfolio.
Appears in 1 contract
Sources: Fund Management Agreement
Reporting to Client. 11.1 9.1 The Fund Manager shall keep accounts or procure that the Administrator keeps accounts in respect of the Portfolio in such a manner as to establish clearly all transactions entered into with or on behalf of the Client, and shall distinguish all transactions in such a manner as can be readily understood and shall fairly represent the state of the affairs of the Portfolio.
11.2 9.2 The Fund Manager shall or shall procure that the Administrator on reasonable request by the Client or at such intervals as may be agreed between the Fund Manager and the Client, which may not exceed three months at a time, provide the Client with a report in respect of the Portfolio.
11.3 9.3 The Fund Manager shall provide such report to the Client in printed format, provided that the Client may elect to receive same in electronic format.
11.4 9.4 The report shall contain sufficient information to enable the Client to:
11.4.1 9.4.1 produce a set of financial statements;
11.4.2 9.4.2 determine the composition of the assets comprising the Portfolio and the changes therein over the period reported on; and
11.4.3 9.4.3 determine the market value of the assets comprising the Investments and the changes therein over the period reported on.
11.5 On 9.5 The Fund Manager shall on request by the Client, the Fund Manager shall or shall procure that the Administrator shall, Client furnish detailed information to the Client in respect of the following matters:
11.5.1 9.5.1 the original cost of the Investment held (where appropriate)held, as well as the latest valuation thereof (where deemed necessary)current market value thereof;
11.5.2 9.5.2 Investments purchased or sold during the period reported on;
11.5.3 9.5.3 cash receipts receipt and payments during the period reported on;
11.5.4 9.5.4 income earned and expenses incurred during the period reported on;
11.5.5 tax information necessary for the completion of any relevant tax returns;
11.5.6 9.5.5 details of non-cash transactions during the period, including, without limiting the generality of the foregoingaforegoing, details of capitalisation issues, script dividends and option expiries;
11.5.7 9.5.6 Investments received or delivered to the Client or custodian;
11.5.8 9.5.7 profits and losses realised during the period; and
11.5.9 9.5.8 any other information which the Fund Manager is required by Applicable Law applicable law to furnish to the Client or which may be reasonably requested by the Client.
11.6 9.6 The Fund Manager shall make available or instruct the custodian to make available for inspection by the auditors of the Client such investment records as they may require for the purposes of audit and verification of the Investments comprising the Portfolio.
9.7 The Client hereby instructs the Fund Manager not to provide it with information in respect of Investments in the Portfolio which a relevant supplier of Financial Products must disclose in terms of any law, save where the Client specifically requests the Fund Manager to obtain and transmit such information to it.
Appears in 1 contract
Sources: Fund Management Agreement