Fund closure - BNY Mellon Sterling Bond
BNY Mellon Asset Management have announced they will be closing their BNY Mellon Sterling Bond Fund on or around the 25 April 2013.
Impacts on
these closed products
The Directors of the BNY Mellon Global Funds plc constantly review the structure and the position of their funds and have concluded that the small size of their Sterling Bond Fund may be preventing it from achieving the economies of scale in ongoing operating costs that would best serve the interest of investors in the fund.
As the fund is closing, RL360 investors will no longer be able to hold units in the fund and must therefore switch into an alternative fund available to their product.
Policyholders (with the exception of those resident in the USA) have the option to provide us with investment instructions for a fund or funds of their choice. In the absence of switch instructions, policyholders will be transfered to another fund from the same sector within the product's fund range just prior to the closure date.
Letters have been issued to affected policyholders or their appointed investment advisers, informing them of the fund closure. A copy has been sent to their servicing adviser for information.
Sample letters can be viewed opposite.