Notification of closure of Quilter Cheviot Funds
21 Feb 2025
Affecting mirror funds in the Rest of the World (including UAE) range:
- L63 Quilter Cheviot International Balanced Portfolio (USD)
- L64 Quilter Cheviot International Balanced Portfolio (GBP HDG)
- L66 Quilter Cheviot International Growth Portfolio (USD)
- L67 Quilter Cheviot International Growth Portfolio (GBP HDG)
- L68 Quilter Cheviot International Growth Portfolio (SGD HDG)
Affecting mirror funds in the the Hong Kong Offshore* range:
- Z67 Quilter Cheviot International Balanced Portfolio (USD)
- Z68 Quilter Cheviot International Growth Portfolio (GBP HDG)
- Z70 Quilter Cheviot International Growth Portfolio (USD)
(together the Affected Mirror Funds)
We have received notification from Quilter Investors Limited, the Investment Manager of Quilter Investors ICAV (the “Underlying Fund Umbrella”), of its intention to close the underlying funds of the Affected Mirror Funds, by way of a merger into newly established funds (the “Receiving Underlying Funds”) under the MontLake UCITS Platform ICAV (the “Receiving Underlying Funds Umbrella”).
We do not have the proposed Receiving Underlying Funds, or the Receiving Underlying Funds Umbrella, within the FPIL mirror fund ranges. Accordingly, we have taken the decision to close the Affected Mirror Funds ahead of the underlying funds redemption deadline of 21 March 2025. They will be removed from the FPIL mirror fund ranges from 20 March 2025 (the “Effective Date”).
We will switch existing holdings in the Affected Mirror Funds, and where applicable will redirect future regular premium payments, into the following alternative mirror funds:
Rest of the World (including UAE):
| Affected Mirror Funds | Default Replacement Mirror Funds |
|---|---|
| L63 Quilter Cheviot International Balanced Portfolio (USD) | L76 Blackrock SF - Managed Index Portfolios Moderate (USD) |
| L64 Quilter Cheviot International Balanced Portfolio (GBP HDG) | L73 Blackrock SF - Managed Index Portfolios Moderate (GBP) |
L66 Quilter Cheviot International Growth Portfolio (USD)
L68 Quilter Cheviot International Growth Portfolio (SGD HDG) # | L77 Blackrock SF - Managed Index Portfolios Growth (USD) |
| L67 Quilter Cheviot International Growth Portfolio (GBP HDG) | L74 Blackrock SF - Managed Index Portfolios Growth (GBP) |
| # Please note that L68 Quilter Cheviot International Growth Portfolio (SGD HDG) is priced in Singapore Dollar, while the Default Replacement Mirror Fund is priced in US Dollar. | |
Hong Kong Offshore:
| Affected Mirror Funds | Default Replacement Mirror Funds |
|---|---|
| Z67 Quilter Cheviot International Balanced Portfolio (USD) | Z08 Blackrock SF - Managed Index Portfolios Moderate (USD) |
| Z68 Quilter Cheviot International Growth Portfolio (GBP HDG) | Z05 Blackrock SF - Managed Index Portfolios Growth (GBP) |
| Z70 Quilter Cheviot International Growth Portfolio (USD) | Z06 Blackrock SF - Managed Index Portfolios Growth (USD) |
We select Default Replacement Mirror Funds on various factors, which include but are not limited to (1) investment objective and strategy, (2) assets mix, (3) risk profile and (4) currency denomination.
Please refer to the Appendix in the sample client communications opposite for comparative information between the Affected Mirror Funds and the Default Replacement Mirror Funds for each region.
With immediate effect, only continuing regular contributions will be permitted into the Affected Mirror Funds. No new single or regular contributions will be permitted into the Affected Mirror Funds, whether from new or existing investors
Any premium allocation which would usually be applied to one or more of the Affected Mirror Funds will be automatically redirected to the corresponding Default Replacement Mirror Fund with effect 14 March 2025 (the “Redirection Date”).
All holdings in the Affected Mirror funds will be switched into the corresponding Default Replacement Mirror funds from the Effective Date.
These changes will happen automatically within affected policies/contracts and policyholders do not need to take any action if they agree with the choice of Default Replacement Mirror Funds that we have selected.
Policyholders can choose to switch their current holdings, and/or redirect regular contributions if applicable, into different mirror funds in the relevant FPIL range for their region. This can be done at any time, however in order to override the transfer of existing holdings to the Default Replacement Mirror Funds, we require alternative instructions by 3pm UK time on 13 March 2025.
Factsheets for the available FPIL mirror funds can be found via our Interactive Fund Centres. Full details on the underlying funds into which the FPIL ILP sub-funds invest can be found in the corresponding fund prospectus, which is available on request from the respective fund manager.
Whilst appropriate due diligence has been carried out on the Default ILP-sub-funds we do not accept any liability for the future performance of these, or any other FPIL ILP sub-fund.
We have contacted impacted policyholders and their financial advisers to notify them of the changes; primarily by e-shot, with letters sent by post where we do not hold a valid email, and to those who prefer to receive letters by post
Should you have any questions regarding this notification, please contact the Investment Marketing Team.
*Hong Kong designated policyholder assets were moved into new fund code prefix funds as part of regulatory requirements to segregate Hong Kong designated assets from other jurisdictions.
