Overview
Adviser’s Advisory Business
Ward Ferry Management (BVI) Limited (the “Adviser”), a corporation organized in the British
Virgin Islands, acts as the investment manager to one or more private investment companies. The
Adviser was established in 2000. The Adviser has a wholly owned Hong Kong subsidiary, Ward
Ferry Management Limited (“Ward Ferry HK”), a wholly owned United Kingdom subsidiary,
Ward Ferry Management (UK) Limited (“Ward Ferry UK”), and a wholly owned Singapore
subsidiary, Ward Ferry Management (SG) Pte. Ltd. (“Ward Ferry SG”) (collectively the “Ward
Ferry Group”). Ward Ferry HK provides investment advisory services to the Adviser. Ward
Ferry UK provides management, marketing and investor relations services to the Adviser. Ward
Ferry SG provides investment research services to the Adviser. Fee arrangements within the
Ward Ferry Group are governed by respective agreements between the companies.
The Adviser is primarily controlled by Vineet Mitera and Daphne Chester.
Types of Advisory Services offered by the Adviser
The Adviser provides investment advisory services, including discretionary management and
monitoring of investments, to the Adviser’s clients through the management of investment
portfolios in accordance with the objectives and guidelines as stated in each Fund’s private
placing memorandum. The Adviser is the investment manager
for WF Asian Smaller Companies
Fund Limited and WF Asian Reconnaissance Fund Limited (each the “Fund”, and together the
“Funds”). Interests in the Funds are not registered securities under the Securities Act of 1933, as
amended. In addition, the Funds are not registered as investment companies under the
Investment Company Act of 1940, as amended. Accordingly, interests in the Funds are offered
and sold exclusively to investors satisfying the applicable eligibility and suitability requirements
in private transactions.
Investment Restrictions
At the present time, the Adviser does not tailor its advisory services to the individual needs of
investors. The Funds are subject to certain investment restrictions as stated in the private placing
memorandum of each Fund and other restrictions that are customary in the ordinary course of
business. Restrictions stated in the private placing memorandum of one Fund may differ from the
restrictions stated in another Fund, and the performance of the Funds may differ.
Wrap Fee Programs
The Adviser does not participate, sponsor or act as a portfolio manager for any wrap fee
programs.
Assets Under Management
As of December 31, 2023, the Adviser had net assets under management of approximately
US$3,171,701,000 (December 31, 2022: US$3,255,081,000), all of which was managed on a
discretionary basis.