PCP Background

The Legal Set-up...

PCP is an established offshore investment company under the laws of the Cayman Islands. The Directors of the fund have appointed a number of professional parties to act in different capacities in the day-to-day management of the Funds. The Manager of PCP is Private Client Portfolio Investment Management Limited, which in turn has appointed Investment Advisers to handle the investment affairs of each individual fund. These Investment Advisers are as follows:

PIMCO Advisors (Member of the Allianz Group - Europe's largest insurance Co)
Forsyth Partners Ltd
Morgan Stanley Quilter (Member of the CGU Group in the UK)
Swiss Life

The Global Managed Fund - PCP Balanced Fund - has its strategy formulated by representatives of the above organisations through a formal Asset Allocation Committee meeting held regularly.

Separately, but equally importantly, the Directors of the Fund have appointed Olympia Capital (Ireland) Ltd. to act as Administrator and Registrar. Investors in the Fund are based offshore worldwide, and the Investment Managers of the Fund are based in Europe, therefore there are operational advantages to this appointment.

Olympia Capital was established in 1990 to provide administrative services to offshore funds and now ranks amongst the leading players in the industry. The company is licensed for operation in Bermuda, Bahamas, British Virgin Islands, Cayman Islands and Ireland with offices located in Bermuda, Dublin, Tokyo, New York and Toronto.

Olympia Capital (Ireland) Ltd. has been in operation since 1995, is licensed by the Irish Financial Services Regulatory Authority, and is subject to the requirements of the Investment Intermediaries Act.

The company emphasises its corporate independence, which, together with its flexible and entrepreneurial ethos, facilitates it in the delivery of highly customised, client focused services, employing the skills of experienced professionals and utilising advanced accounting, administrative and control-oriented IT systems.

The role of Administrator/Registrar is designed to provide comfort to investors. Investors subscribing for shares in the Fund make payments in favour of Olympia Capital (Ireland) Ltd. which undertakes the Administrator/Registrar function. Olympia Capital (Ireland) Ltd. operates a subscription account specifically for the PCP Funds. Under no circumstances should monies be paid to Private Client Portfolio Investment Management, or to any of the investment advisers. Equally, Olympia Capital (Ireland) Ltd. records the ownership of shares in the Funds and confirms to investors when subscriptions or redemptions are made. Olympia Capital (Ireland) Ltd. are also responsible for paying redemption proceeds should investors wish to sell their holdings. Part of the control function here is that they may only make payment to the registered holder of shares in the Fund. Third party payments are not permitted.

The Directors of PCP have appointed PricewaterhouseCoopers as Auditors of the PCP Balanced Fund. The Fund is required to produce annual accounts to which is appended the Auditors Report.