Fund Closure - Aberdeen UK Opportunities Fund - Euro share class
Aberdeen Asset Management Limited has closed its Euro denominated share class of the Aberdeen UK Opportunities fund.
Why has Aberdeen decided to close the fund?
They have closed the Euro share class as it was no longer commercially viable, due to reducing Assets Under Management. The GBP share class, which we also offer in our product ranges, remains unaffected and open to policyholders.
Policyholders invested via Oracle, Paragon and Quantum
The value of our overall holding in the Aberdeen UK Opportunities EUR fund has been returned. For each policy affected we have subsequently re-invested the monies into the UBS Money Market fund; we have matched the fund currency to the denomination of the policy. The new fund position will be reflected on policies with effect 11 February 2015.
Regular premiums previously allocated to the Aberdeen UK Opportunities EUR fund will now be directed into the UBS Money Market fund, and will continue until we are provided with alternative instructions.
Policyholder correspondence
We have written to policyholders requesting that they review the list of funds available to their policy and provide an alternative fund choice as soon as possible. Where there is an appointed investment adviser on the policy, the investment adviser will receive this correspondence instead. Servicing advisers will receive a copy of the letter for their records.
All switches are free of charge and can be completed online if the policyholder or investment adviser has registered for online servicing. Alternatively a fund switch instruction form can be completed and returned to us.
Sample letters can be viewed opposite.