Fund Closure - Franklin Mutual Global Discovery 'A' Acc CHF Hedged
After careful analysis and review, the board of directors of Franklin Templeton Investment Funds has decided to close the 'A (Acc) CHF Hedged' share with effect from 26 September 2014.
Policyholders invested via Oracle, Paragon and Quantum
We will transfer existing holdings and redirect any regular premiums from the closing fund into the USD equivalent share class - ISIN: LU0211331839 Franklin Mutual Global Discovery A Acc USD. This will be our default course of action unless we are informed otherwise before 19 September 2014.
New business submitted before 19 September 2014
The closing fund has been removed from the Oracle, Paragon and Quantum fund range with immediate effect and we will no longer accept new investments into the fund. Existing policyholders can continue investing in the fund until 18 September 2014. On Friday 19 September 2014 we will switch the holdings into the Franklin Mutual Global Discovery A Acc USD fund.
The objective of the USD fund remains identical to that of the closing CHF version.
Policyholder correspondence
We have written to affected policyholders advising them of the closure. The only exception being where an investment adviser was also present on the policy, where they will receive the letter instead of the policyholder. Active financial advisers linked to the relevant policies will receive a copy of the letter too.
Options
Should a policyholder and/or an investment advisers be unhappy with our default course of action for switching existing holdings and regular premiums (where applicable), they can choose to switch into any other fund available to their policy free of charge. This can be done by completing and returning a Fund Switch form or, if registered as a user of our Online Service Centre and fund switching facility, by conducting a switch online before 19 September 2014. Premium redirections can also be specified on the Fund Switch form or online.
The fund manager notification and sample letters can be viewed opposite.