Change of Sub-investment Manager and Policy Clarification of various First State Funds

05 June 2018

We have been notified by First State Investments (Hong Kong) Limited (The ‘Company’) of changes to the underlying funds into which the below Friends Provident Funds invest with effect from 05 July 2018 (The ‘Effective Date’):

  • R31 – First State Greater China Growth
  • R30 – First State Asian Equity Plus
  • R51 – First State China Growth

The Company has stated the below change to Sub-investment manager which affects the above funds:

“Due to internal restructuring of the investment management business of the First State group, CFSIL being one of the Sub-Investment Managers of the Company will be replaced by Colonial First State Managed Infrastructure Limited with effect from 5 July 2018.”

The Company has also advised of an update to the fund prospectus of the underlying funds into which the above named Friends Provident funds invest. The company has advised this amended prospectus will be published on or around the Effective Date and includes the following policy clarifications:

“The northbound trading quota for each of the Stock Connects was increased from RMB13 billion to RMB52 billion with effect from 1 May 2018 and the corresponding disclosure in the prospectus of the Company has been updated.”

“Update to the investment restriction 2.7 in Appendix 3 of the prospectus to clarify that cash held as an ancillary asset may not exceed 10% of each Fund’s Net Asset Value, or 20% of each Fund’s net assets when it is held with the Depositary.”

Should you have any questions regarding this change, please contact International Funds & Investments.