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TEXT-S&P:Zenith Int Fund rtgs unafctd by acquisition
December 19, 2012 / 1:51 PM / in 5 years

TEXT-S&P:Zenith Int Fund rtgs unafctd by acquisition

Dec 19 - Standard & Poor’s Ratings Services said today that three ‘AAAm’ principal stability fund ratings assigned to the Sterling, Euro, and US Dollar Share Class of Zenith International Reserve Limited (ZIRL) funds are unaffected by XCAP Securities PLC’s acquisition of the fund advisor, Hume Capital LLP.

In our opinion, the ownership change of Hume Capital will seek to improve operating efficiencies and market distribution capabilities. We understand from Hume Capital that the finalized deal will have no foreseeable impact on the personnel managing the ZIRL funds and its ability to meet the rated funds’ investment objectives. We will continue to review pertinent fund information and portfolio reports that are supplied to us on a weekly basis, as part of our surveillance process.

On Oct. 3, 2012, XCAP Securities PLC, a financial services company, announced plans to acquire Hume Capital upon raising additional capital. Shareholders approved the deal on Oct. 29, 2012, and the regulatory approval by the Financial Services Authority and Guernsey Financial Services Commission was obtained last week.

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