State Street Bank and Trust Company (“SSBTC”, and together with its affiliated entities, “State Street”) have agreed to acquire the investor services business of Brown Brothers Harriman & Co. (“BBH”), which includes the Luxembourg based entity Brown Brothers Harriman (Luxembourg) S.C.A. (“BBH Luxembourg”) and the Irish based entities Brown Brothers Harriman Trustee Services (Ireland) Limited (“BBH Trustee Ireland”) and Brown Brothers Harriman Fund Administration Services (Ireland) Limited (“BBH Services Ireland”), BBH Luxembourg, BBH Trustee Ireland and BBH Services Ireland together the “BBH entities”.
Considering that the Luxembourg and Irish investment funds (UCITS and AIFs), which receive depositary and central administration services from the BBH entities, are currently registered for distribution in Peru, they require to update the summary that our firm previously sent answering if this transaction (the “Renaming”) would have an impact of the funds distributed in local territory.
In addition, the client required us to confirm that the change of indirect shareholders of the BBH entities on the closing date does not have an impact on fund documentation or regulator notification or approval processes ahead of the Renaming from the perspective of Peruvian jurisdiction.
We provided legal assistance regarding the specific consequences of the transactions applicable to funds distributed in Peruvian territory and advice the client whether the transactions would trigger any regulatory obligation that need to be comply in order to proceed with the transaction.
