Notification of changes to the underlying funds of Old Mutual funds
07 June 2019
Friends Provident International Limited (“Friends Provident International”) has been notified by Merian Global Investors plc (“The Company”) on 05 June 2019, of the merger of the underlying funds into which the below named Friends Provident International mirror funds invest.
- L63 Old Mutual Compass Portfolio 3 (USD HDG)
- L64 Old Mutual Compass Portfolio 3 (GBP HDG)
- L65 Old Mutual Compass Portfolio 3 (SGD HDG)
- L66 Old Mutual Compass Portfolio 4 (USD HDG)
- L67 Old Mutual Compass Portfolio 4 (GBP HDG)
- L68 Old Mutual Compass Portfolio 4 (SGD HDG)
Currently, the above named mirror funds invest into a sub-fund of the Company. The Company have confirmed that they will merge their existing sub-fund (the “Merging Sub-Fund”) into a newly established sub-fund of Quilter Investors ICAV (the “Receiving Sub-Fund”) on 07 June 2019 (the “Effective Date”).
The Company have confirmed:
“…Old Mutual plc has been engaged in the separation of its underlying business units, one of which includes Quilter plc. In June 2018, Quilter plc sold its single-strategy asset management business, which focuses each fund on one type of strategy rather than multi-asset strategies with the latter remaining as part of the Quilter Investors group of companies.
The single-strategy asset management business is the management arm of Merian Global Investors (UK) Limited’s business which focuses on single strategies rather than multi-asset strategies. While the sub-funds of the Company are all managed by Merian Global Investors (UK) Limited, the discretionary investment management functions of the Merging Sub-Fund have, since June 2018, been delegated to Quilter Investors Limited which remains part of the Quilter Investors group of companies. Such delegation has been an interim measure with the ultimate intention that the assets of the Merging Sub-Fund be merged into the Receiving Sub-Fund for which Quilter Investors Limited acts as discretionary investment manager.
The purpose of the merger is to facilitate the separation of the Company’s single and multi-assets strategies whereby the Merging Sub-Fund will be merged into a sub-fund of the ICAV, which will be a newly established UCITS umbrella ICAV operating under the Quilter Investors brand. This will allow shareholders to continue to maintain the same exposure to the multi-asset range of funds.”
Below are the key changes for your attention of the mirror funds named above and their corresponding underlying funds.
|
Before 07 June 2019 |
With Effect From 07 June 2019 |
|
|
Mirror Fund Name |
Old Mutual Compass Portfolio 3 (USD HDG) |
Quilter Investors Compass 3 Portfolio (USD HDG) |
|
Mirror Fund Code |
L63 |
L63 |
|
Corresponding Underlying Fund |
Merian Global Investors Series plc - Old Mutual Compass Portfolio 3 N USD Acc |
Quilter Investors ICAV - Quilter Investors Compass 3 Portfolio N USD Acc |
|
Corresponding Underlying Fund ISIN |
IE00BZ3T9H88 |
IE00BJHPJG94 |
|
Investment Manager of the underlying fund |
Merian Global Investors (UK) Limited |
Quilter Investors Limited |
|
Investment Management Fee of the underlying fund |
1.35% |
1.35% |
|
Ongoing Charges of the underlying fund |
1.85% |
1.87% |
|
Before 07 June 2019 |
With Effect From 07 June 2019 |
|
|
Mirror Fund Name |
Old Mutual Compass Portfolio 3 (GBP HDG) |
Quilter Investors Compass 3 Portfolio (GBP HDG) |
|
Mirror Fund Code |
L64 |
L64 |
|
Corresponding Underlying Fund |
Merian Global Investors Series plc - Old Mutual Compass Portfolio 3 N GBP Hedged Acc |
Quilter Investors ICAV - Quilter Investors Compass 3 Portfolio N GBP Hedged Acc |
|
Corresponding Underlying Fund ISIN |
IE00BYP77Q83 |
IE00BJHPJH02 |
|
Investment Manager of the underlying fund |
Merian Global Investors (UK) Limited |
Quilter Investors Limited |
|
Investment Management Fee of the underlying fund |
1.35% |
1.35% |
|
Ongoing Charges of the underlying fund |
2.10% |
2.12% |
|
Before 07 June 2019 |
With Effect From 07 June 2019 |
|
|
Mirror Fund Name |
Old Mutual Compass Portfolio 3 (SGD HDG) |
Quilter Investors Compass 3 Portfolio (SGD HDG) |
|
Mirror Fund Code |
L65 |
L65 |
|
Corresponding Underlying Fund |
Merian Global Investors Series plc - Old Mutual Compass Portfolio 3 N SGD Hedged Acc |
Quilter Investors ICAV - Quilter Investors Compass 3 Portfolio N SGD Hedged Acc |
|
Corresponding Underlying Fund ISIN |
IE00BYP77R90 |
IE00BJHPJK31 |
|
Investment Manager of the underlying fund |
Merian Global Investors (UK) Limited |
Quilter Investors Limited |
|
Investment Management Fee of the underlying fund |
1.35% |
1.35% |
|
Ongoing Charges of the underlying fund |
2.11% |
2.13% |
|
Before 07 June 2019 |
With Effect From 07 June 2019 |
|
|
Mirror Fund Name |
Old Mutual Compass Portfolio 4 (USD HDG) |
Quilter Investors Compass 4 Portfolio (USD HDG) |
|
Mirror Fund Code |
L66 |
L66 |
|
Corresponding Underlying Fund |
Merian Global Investors Series plc - Old Mutual Compass Portfolio 4 N USD Acc |
Quilter Investors ICAV - Quilter Investors Compass 4 Portfolio N USD Acc |
|
Corresponding Underlying Fund ISIN |
IE00BZ3T9K18 |
IE00BK1W5D24 |
|
Investment Manager of the underlying fund |
Merian Global Investors (UK) Limited |
Quilter Investors Limited |
|
Investment Management Fee of the underlying fund |
1.35% |
1.35% |
|
Ongoing Charges of the underlying fund |
1.83% |
1.85% |
|
Before 07 June 2019 |
With Effect From 07 June 2019 |
|
|
Mirror Fund Name |
Old Mutual Compass Portfolio 4 (GBP HDG) |
Quilter Investors Compass 4 Portfolio (GBP HDG) |
|
Mirror Fund Code |
L67 |
L67 |
|
Corresponding Underlying Fund |
Merian Global Investors Series plc - Old Mutual Compass Portfolio 4 N GBP Hedged Acc |
Quilter Investors ICAV - Quilter Investors Compass 4 Portfolio N GBP Hedged Acc |
|
Corresponding Underlying Fund ISIN |
IE00BYP77S08 |
IE00BK1W5F48 |
|
Investment Manager of the underlying fund |
Merian Global Investors (UK) Limited |
Quilter Investors Limited |
|
Investment Management Fee of the underlying fund |
1.35% |
1.35% |
|
Ongoing Charges of the underlying fund |
2.08% |
2.10% |
|
Before 07 June 2019 |
With Effect From 07 June 2019 |
|
|
Mirror Fund Name |
Old Mutual Compass Portfolio 4 (SGD HDG) |
Quilter Investors Compass 4 Portfolio (SGD HDG) |
|
Mirror Fund Code |
L68 |
L68 |
|
Corresponding Underlying Fund |
Merian Global Investors Series plc - Old Mutual Compass Portfolio 4 N SGD Hedged Acc |
Quilter Investors ICAV - Quilter Investors Compass 4 Portfolio N SGD Hedged Acc |
|
Corresponding Underlying Fund ISIN |
IE00BYP77T15 |
IE00BK1W5H61 |
|
Investment Manager of the underlying fund |
Merian Global Investors (UK) Limited |
Quilter Investors Limited |
|
Investment Management Fee of the underlying fund |
1.35% |
1.35% |
|
Ongoing Charges of the underlying fund |
2.08% |
2.10% |
The Company have confirmed that in order to allow the administrator of the Company to accurately calculate the value of the assets of the Merging Sub-Fund to be transferred into the Receiving Sub-Fund, the 3 business days prior to the Effective Date will not be dealing days. As a result, dealing on all the above named mirror funds has been temporarily suspended for 3 days from 05 to 07 June 2019. Please note that instructions received for the above named mirror funds after 5pm (UK time) cut off time on 04 June 2019 will not transact until the next available dealing date of 10 June 2019.
Should you have any questions regarding these changes, please contact International Funds & Investments.