Funds Removed - Oracle, Paragon and Quantum
Following a fund review and after careful consideration we have removed 10 fund links (plus their currency variants) from new business with immediate effect.
Why have the funds been removed from the products?
We have removed funds as there are alternatives within the range that in the current investment climate offer superior performance.
No new, non-contractual, premiums can be invested into the removed funds.
Existing investors in the removed funds (which we will refer to as the 'closing funds' for purposes of existing investors) can retain their holdings until mid February 2015, giving them 3 months to choose alternatives. Contractual regular premiums can continue to be paid into the closing funds over the 3 month period.
What do existing investors need to do now?
Affected policyholders should review their holdings and for each of the closing funds select an alternative fund, or funds, to switch into. They can provide us with their revised fund choice by completing and returning a Fund switch instruction form or, if registered for our Online Service Centre and fund switching facility, conduct a switch online. Premium redirections (if applicable) can also be completed on the form or online.
Should we not receive alternative switch instructions by mid February 2015, we will transfer all holdings in the closing funds to an alternative fund as detailed in the table below.
Policyholder letters can be viewed opposite. If an investment adviser has been appointed to the policy, they will receive the communication, not the policyholder.
For users of our Online Fund Centres, please note that these no longer feature the removed funds. Any short lists you have will no longer display them. The updated Investment Guides (dated November) can be downloaded opposite and feature the revised fund range which include the 22 new fund links recently added.
The table below details the closing funds, their default alternative in the absence of instructions, and the date on which the switch will be instructed.
| FROM: Closing fund | AMC | TO: Alternative fund | AMC | Default switch date |
|---|---|---|---|---|
| Sector: Currency/Money Market | ||||
| Pictet Short-Term Money Market CHF | 0.09% | UBS (Lux) Money Market CHF | 0.04% | 11 Feb 2015 |
| Pictet Short-Term Money Market EUR | 0.44% | UBS (Lux) Money Market EUR | 0.04% | 11 Feb 2015 |
| Pictet Short-Term Money Market USD | 0.32% | UBS (Lux) Money Market USD | 0.18% | 11 Feb 2015 |
| Sector: Equity - Asia Pacific Excluding Japan | ||||
| Ashburton Chindia Equity USD | 1.50% | Axa Rosenberg Pacific ex Japan Small Cap USD | 1.50% | 24 Feb 2015 |
| JPM Asia Pacific Strategic Equity EUR | 1.50% | Axa Rosenberg Pacific ex Japan Small Cap EUR | 1.50% | 11 Feb 2015 |
| JPM Asia Pacific Strategic Equity USD | 1.50% | Axa Rosenberg Pacific ex Japan Small Cap USD | 1.50% | 11 Feb 2015 |
| Natixis Absolute Asia AM Pacific RIM Equities USD | 2.15% | Axa Rosenberg Pacific ex Japan Small Cap USD | 1.50% | 11 Feb 2015 |
| Sector: Equity - Emerging Europe | ||||
| Natixis Emerging Europe USD | 2.45% | BlackRock GF Emerging Europe USD | 1.75% | 19 Feb 2015 |
| Sector: Equity - Emerging Markets | ||||
| Carmignac Emergents CHF | 1.50% | Threadneedle Global Emerging Markets USD (note that this will be a change of fund currency from CHF to USD) | 1.50% | 11 Feb 2015 |
| Carmignac Emergents EUR | 1.50% | Threadneedle Global Emerging Markets EUR | 1.50% | 16 Feb 2014 |
| Carmignac Emergents USD | 1.50% | Threadneedle Global Emerging Markets USD | 1.50% | 11 Feb 2015 |
| Renaissance Pan Africa USD | 2.00% | JPM Africa Equity USD | 1.50% | 11 Feb 2015 |
| Sector: Equity - Europe Including UK | ||||
| Fidelity Funds European Aggressive EUR | 1.50% | Henderson Horizon Pan European Alpha EUR | 1.20% | 19 Feb 2015 |
| Sector: Equity - Global | ||||
| Natixis Harris Associates Global Equity USD | 2.45% | Henderson Gartmore Global Growth USD | 1.20% | 27 Feb 2015 |
| Sector: Equity - Global | ||||
| Natixis Emerging Latin America USD | 2.45% | BlackRock GF Latin America USD | 1.75% | 16 Feb 2015 |