Question 1

Who can invest in the Fund?

Tom Gallas · Accepted Answer

Investment in the Fund is restricted to investors who qualify as ‘wholesale clients’ under Chapter 7 of the Corporations Act 2001. A wholesale client is:

- A client who is applying for units in the Fund at a price, or for the value of at least $500,000 (s.761G(7)(a)).

- A client who has a certificate (issued within the last 2 years) from a qualified accountant stating that they have net assets of at least $2.5 million, and are applying for Units in the Fund for a purpose other than for use in connection with a business (s.761G(7)(c)(i) and regs 7.1.28(1), 7.6.02AC).

- A client who has a certificate (issued within the last 2 years) from a qualified accountant stating that they have a gross income for each of the last two financial years of at least $250,000 per year, and are applying for units in the Fund for a purpose other than for use in the connection with a business (s.761G(7)(c)(ii) and regs 7.1.28(2), 7.6.02AB and 7.6.02AC).

- A client who is a professional investor, which includes a client which is an AFSL Licensee, a body regulated by APRA, an entity which has or controls gross assets of at least $10 million (including assets held under trust), a listed entity, and a body corporate that carries on a business of investment in financial products (s.9, s.761G(7)(d) and reg 7.6.02AE).

- A client who is a sophisticated investor, which means a client in respect of whom Manning Asset Management is satisfied on reasonable grounds has previous experience in using financial services and investing in financial products that allows the client to assess the merits, value, and associated risks associated with the Fund, along with their own information needs and the adequacy of the information provided by Manning Asset Management in respect of the Fund. In this situation, Manning Asset Management must provide a written statement to the client explaining why it is satisfied with the client’s experience; and the client must sign a written acknowledgement that Manning Asset Management will not be treating the client as a retail client and giving them the retail disclosure documents (s.761GA).

Note: In reach of the above, the reference to “client” is a reference to an individual, a company or a trust.

Question 2

Who can invest in the Fund?

Tom Gallas · Accepted Answer

Investment in the Fund is restricted to investors who qualify as ‘wholesale clients’ under Chapter 7 of the Corporations Act 2001. A wholesale client is:

- A client who is applying for units in the Fund at a price, or for the value of at least $500,000 (s.761G(7)(a)).

- A client who has a certificate (issued within the last 2 years) from a qualified accountant stating that they have net assets of at least $2.5 million, and are applying for Units in the Fund for a purpose other than for use in connection with a business (s.761G(7)(c)(i) and regs 7.1.28(1), 7.6.02AC).

- A client who has a certificate (issued within the last 2 years) from a qualified accountant stating that they have a gross income for each of the last two financial years of at least $250,000 per year, and are applying for units in the Fund for a purpose other than for use in the connection with a business (s.761G(7)(c)(ii) and regs 7.1.28(2), 7.6.02AB and 7.6.02AC).

- A client who is a professional investor, which includes a client which is an AFSL Licensee, a body regulated by APRA, an entity which has or controls gross assets of at least $10 million (including assets held under trust), a listed entity, and a body corporate that carries on a business of investment in financial products (s.9, s.761G(7)(d) and reg 7.6.02AE).

- A client who is a sophisticated investor, which means a client in respect of whom Manning Asset Management is satisfied on reasonable grounds has previous experience in using financial services and investing in financial products that allows the client to assess the merits, value, and associated risks associated with the Fund, along with their own information needs and the adequacy of the information provided by Manning Asset Management in respect of the Fund. In this situation, Manning Asset Management must provide a written statement to the client explaining why it is satisfied with the client’s experience; and the client must sign a written acknowledgement that Manning Asset Management will not be treating the client as a retail client and giving them the retail disclosure documents (s.761GA).

Note: In reach of the above, the reference to “client” is a reference to an individual, a company or a trust.