Common use of Operation of the Sub-Funds Clause in Contracts

Operation of the Sub-Funds. Subject to the provisions of the Memorandum and Articles of Association for the time being of MPF, FSMA and the Rules, MPF shall arrange for the assets comprising each Sub-Fund to be held in custody, administered and managed by a custodian, an administrator and an investment manager, respectively, on such terms and conditions as MPF, having regard to the financial and professional standing of the relevant financial services provider, deems fit. The investment manager shall be appointed by MPF to manage the assets comprising each Sub-Fund in accordance with the investment objectives specified in respect of that Sub-Fund in the Key Features Document and subject to FSMA and the Rules, as they are applicable to MPF.

Operation of the Sub-Funds. Subject to the provisions of the Memorandum and Articles of Association for the time being of MPF, FSMA and the Rules, MPF shall arrange for the assets comprising each Sub-Fund to be held in custody, administered and managed by a custodian, an administrator and an investment manager, respectively, on such terms and conditions as MPF, having regard to the financial and professional standing of the relevant financial services servi ces provider, deems fit. The investment manager shall be appointed by MPF to manage the assets comprising each Sub-Fund in accordance with the investment objectives specified in respect of that Sub-Fund in the Key Features Document and subject to FSMA and the Rules, as they are applicable to MPF.

Operation of the Sub-Funds. Subject to the provisions of the Memorandum and Articles of Association for the time being of MPF, FSMA and the Rules, MPF shall arrange for the assets comprising each Sub-Fund to be held in custody, administered and managed by a custodian, an administrator and an investment manager, respectivelyresp ectively, on such terms and conditions as MPF, having regard to the financial and professional standing of the relevant financial services provider, deems fit. The investment manager shall be appointed by MPF to manage the assets comprising each Sub-Fund in accordance with the investment objectives specified in respect of that Sub-Fund in the Key Features Document and subject to FSMA and the Rules, as they are applicable to MPF.