Fund Closures - SPI Assetmaster Broker Funds x 4
IThe broker funds, which were available to closed products originally sold under the SPILA brand, will formally close on or around the 28th January 2016.
Impacts on closed products with access to
We have received notification from Investec Wealth & Investment (IWI), the fund managers of the underlying funds for the SPI Assetmaster broker funds that they are planning to close the funds and merge the value into alternative funds which will be managed by City Financial. Should IWI receive shareholder approval, the effective date of the merger will be 29 January 2016.
How the mergers will affect our policyholders
Following consideration of the merger proposal, we have taken the decision to formally close the four SPI Assetmaster broker funds and transfer the holdings into alternative funds from our existing SPI internal fund range. Closure of the broker funds will take place just prior to IWI merging the underlying funds to City Financial. We have selected alternative funds from our SPI internal fund range that most closely match with each of the broker fund objectives:
- SPI Assetmaster Cautious fund (GBP) will be transferred into the SPI Sterling Cautious Managed fund (GBP)*
- SPI Assetmaster Balanced fund (GBP) will be transferred into the SPI Sterling Balanced Managed fund (GBP)*
- SPI Assetmaster Growth fund (GBP) will be transferred into the SPI Sterling Adventurous Managed fund (GBP)*
- SPI Assetmaster International Growth fund (GBP) will be transferred into the SPI World Equity fund (USD)**
*For Momentum & Quantum policies, this will be Series 1 funds, for International Investment Portfolio policies this will be Series 2 funds
**Please be aware that the currency denomination of this alternative fund differs from the closing fund
When will this happen?
We will commence switching holdings out of each broker fund and into the alternative SPI internal fund on 20 January 2016. Once the switches have completed policyholders will be able to see the new fund position on their policy.
Alternative fund choice
If policyholders are not happy with their holding being transferred into the alternative SPI internal fund they can choose to invest into any of the other funds from the SPI internal fund range by either completing and returning a Fund switch instruction (SPILA) form, or if registered for switching on our Online Service Centre, by conducting a switch online. Details of the funds available and a switch form can be located from our Downloads section of the website or by contacting our Customer Service Team.
Letters have been issued to policyholders notifying them of the closures and our intended course of action. Servicing financial advisers attached to these policies will receive a copy of the letter for their information.
Sample letters can be viewed opposite.