Closure of various FPIL funds
11 October 2019
We continually monitor our fund range according to the parameter set out in the FPIL Fund Facts sheets. Following a review, we will be realigning the fund range that is available to our unit-linked products.
Consequently, the FPIL funds named below (the “Closing Funds”) will be closing. These Closing Funds will be removed from the FPIL mirror fund range during Q1 2020 (the “Closure Dates”). From the Closure Dates no new single or regular contributions will be permitted into the Closing Funds, whether from new or existing investors. Until the Closure Dates, only continuing regular contributions will be permitted into the Closing Funds. These ongoing contributions into the Closing Funds may not be increased from their current level.
When an FPIL fund is closed we select another fund from our internal fund range (the “Default Fund”) to act as an alternative investment for the resulting proceeds being switched out of the Closing Fund and for any future contributions that may be directed into the Closing Fund. However, you can choose to switch your current holdings in the Closing Fund(s) and/or redirect your premiums or contributions, into a different fund in the FPIL range from the Default Fund(s) if you wish to do so. You can do this at any time but if you wish to override the transfer or redirection to the Default Fund that we have selected, you must provide us with alternative instructions by 3pm UK time two days before the appointed Closure Date. Please refer to the tables below for more details and your client notification letter.
|
Closing Fund |
Default Fund |
Deadline for alternative instructions |
Closure Date |
|
R80 DWS Invest Africa |
R52 Schroder Middle East |
13 January 2020 | 15 January 2020 |
|
P73 Aviva Investors UK Property |
P84 Schroder Global Cities Real Estate (GBP) or M65 Investec GS Sterling Money |
|
Closing Fund |
Default Fund |
Deadline for alternative instructions |
Closure Date |
|
R71 HSBC GEM Debt Total Return |
L04 Templeton Global Total Return (USD) |
23 January 2020 | 27 January 2020 |
|
P46 BMO Responsible Global Equity (GBP) |
L71 Fidelity Global Focus (GBP) or M65 Investec GS Sterling Money |
||
|
L57 Aviva Investors Multi-Strategy Target Income (USD HDG) |
L48 Invesco Global Targeted Returns (USD HDG) |
|
Closing Fund |
Default Fund |
Deadline for alternative instructions |
Closure Date |
|
L25 BMO European Growth & Income (EUR) |
J84 Fidelity Euro Blue Chip |
05 February 2020 | 07 February 2020 |
|
R79 DWS Invest Global Infrastructure |
J06 Investec GS Global Equity |
||
|
L58 Aviva Investors Multi-Strategy Target Return (GBP HDG) |
L48 Invesco Global Targeted Returns (USD HDG) |
||
|
L49 Aviva Investors Global Convertibles |
J01 Invesco Bond |
|
Closing Fund |
Default Fund |
Deadline for alternative instructions |
Closure Date |
|
R84 BMO Global Convertible Bond |
J01 Invesco Bond or J42 JPM USD Money Market VNAV |
19 February 2020 | 21 February 2020 |
|
L56 Aviva Investors Multi-Strategy Target Return (EUR) |
L48 Invesco Global Targeted Returns (USD HDG) |
|
Closing Fund |
Default Fund |
Deadline for alternative instructions |
Closure Date |
|
L01 BMO Responsible Global Equity (USD) |
J74 Investec GS Global Strategic Equity |
09 March 2020 | 11 March 2020 |
|
Closing Fund |
Default Fund |
Deadline for alternative instructions |
Closure Date |
|
L70 Templeton Emerging Markets Bond |
L04 Templeton Global Total Return (USD)* |
23 March 2020 | 25 March 2020 |
|
L50 Aviva Investors Global High Yield Bond |
L33 PIMCO Global High Yield Bond |
||
|
L55 Aviva Investors Multi-Strategy Target Return (USD HDG) |
L48 Invesco Global Targeted Returns (USD HDG) |
Should you have any questions regarding these changes, please contact International Funds & Investments.