31st Dec 2013 07:44
LONDON (Alliance News) - International Public Partnerships Ltd Tuesday said that Keith Dorrian has stepped down as Chairman, and Rupert Durey has been appointed as Chairman of the Board with effect from December 31.
The investment company said that John Whittle has been appointed to the newly-created role of senior independent director.
The International Public Partnerships board has also issued a note regarding the proposed changes to the FCA rules covering restrictions on the retail distribution of unregulated collective investment schemes and close substitutes, which would be effective on January 1, 2014. The board said that it believes that the company and its shareholders would not be affected by these changes.
It said that upon taking legal advise, the firm's shares would qualify as an 'excluded security' under these new rules, and would hence be excluded from the FCA's restrictions which apply to non-mainstream investment products.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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