Fund merger - Henderson Global Focus Fund
Subject to shareholder approval, Henderson Global Investors will merge the Henderson Global Focus Fund into the Henderson International Fund on 14 November 2013.
Impacts on
this closed product
Why does Henderson want to merge the funds?
Following a review of their fund range, Henderson identified a considerable overlap with the main features of the Henderson Global Focus Fund (the 'merging' fund) and the Henderson International Fund (the 'receiving' fund). Both funds give exposure to the shares of companies anywhere in the world through a concentrated portfolio. Since 2012 the portfolios have become very closely aligned and following the merger shareholders will benefit from increased economies of scale. Henderson has therefore decided that it is appropriate to merge the funds in order to simplify their UK domiciled fund range.
It is Hendersons belief that the merger will not change the existing risk profile for shareholders in the merging fund or that the performance of the receiving fund will be adversely affected by the merger
Other changes to happen after the merger?
The investment objective and policy of the receiving fund is due to change on 2 December 2013 and at that point the fund will be renamed to Henderson World Select Fund.
For purposes of the merger, Henderson has considered the receiving funds current and amended investment objective and policy.
What next?
Should the merger be approved, existing holdings in the merging fund will automatically transfer into the receiving fund. As the merging fund has a lower unit price than the receiving fund investors would receive less units in their policy although the value transferred between funds would be the same amount.
Should affected Preference policyholders not wish their holding to transfer into the Henderson International Fund they can choose to switch into an alternative fund available to their policy by returning a completed Fund Switch Request form or, if registered for our Online Service Centre, completing a switch online by 11 November 2013.
Policyholders affected by the merger have been written to. A copy of the letter has been sent to their servicing adviser for information.
Sample letters and the Henderson notification can be viewed opposite.