RL360 reviews BNP Paribas Islamic Equity Optimiser Fund index change
BNP Paribas have advised that it will be making a change to the BNP Paribas Islamic Equity Optimiser Fund with effect of 14 September 2015.
What is the change
The investment policy of the Islamic Equity Optimiser Fund will be modified in order to take into account the change of index to the "Dow Jones Islamic Market Developed Markets Top Cap Index". The stock selection methodology will be amended in accordance with this change.
The current index is the Dow Jones Islamic Market Developed Markets Titans 100 Index. The index tracks the largest 100 stocks traded globally that pass rules-based screens for compliance with Islamic investment guidelines. The Fund currently invests in stocks from these 100 companies.
In comparison, the Dow Jones Islamic Market Developed Markets Top Cap Index tracks the large and mid-cap stocks traded in developed-market countries that pass rules-based screens for compliance with Islamic investment guidelines. The Fund will change its stock selection to this range of companies.
Alternative fund choice
If investors are happy with the changes then they do not need to do anything.
However, should they wish to switch into an alternative fund available to them they can do so at any time, free of any charge.
We have issued letters to any LifePlan, Oracle, Paragon, Quantum & Protected Lifestyle policyholders affected by these changes. Where an investment adviser is appointed, they will receive our notification instead of the policyholder. Servicing financial advisers attached to these policies will receive a copy of the letter for their information.
Sample letters can be viewed opposite.