المادة 25(d): Appointment of the Custodian

d. As an exception to the provisions of Paragraph (b) of this Article, the custodian of a feeder fund for public and private investment funds may become a fund manager for the relevant fund, a sub-manager of the relevant fund or an affiliate to the fund manager or the fund sub-manager, when fulfilling the following criteria:

1) Investing the feeder fund's assets in another investment fund, whether that investment is in or outside the Kingdom.

2) The custodian of the feeder fund shall not impose any additional fees on the fund.

3) The investment fund in which the feeder fund invests in shall be a closed ended fund.