Fund Mergers - JPMorgan prefixed Luxembourg SICAV Funds
On 20 May 2016, JPMorgan Asset Management will be rationalising their Luxembourg SICAV duplicate share classes by merging “JPMorgan” prefixed share classes into the equivalent “JPM” prefixed share class of the same sub-fund.
Impacts on
this closed product
What will be the impact of the mergers?
Shares in the “JPMorgan” prefixed shares class will be exchanged with shares in the equivalent “JPM” prefixed share class. The Annual Management Charge of each receiving JPM share class will be the same as the merging JPMorgan share class. The mergers will not alter the exposure or value of investors shares, however investors will receive a different number of shares when shares are transferred to the JPM share class because the current unit price of each share class is different.
Two of the funds being merged are in the fund menu for our guided-architecture product Preference. The merging funds are "Distributing" share classes, but as part of the merger process we will transfer these into the corresponding JPM "Accumulation" share class as detailed in the table below.
| Name of merging JPMorgan share class and ISIN | Name of receiving JPM share class and ISIN |
|---|---|
| JPMorgan America Equity A (dist) USD LU0117906072 | JPM America Equity A (acc) USD LU0210528500 |
| JPMorgan Global Unconstrained Equity A (dis) USD LU0117906312 | JPM Global Unconstrained Equity A (acc) USD LU0210533765 |
Although JPMorgan will be conducting the mergers on the 20 May 2016, we will be taking action ahead of the mergers (we do this in advance in order to meet dealing cut-offs and avoid submitting large redemption requests near, or on, the day of the merger). We will transfer Preference policyholders to the JPM share class on or around the 10 May 2016.
Alternative fund choice
If investors are not happy being transferred into the corresponding JPM share class they can choose to switch into any other fund available to their policy free of charge.
We have issued letters to any Preference policyholders affected by the merger. 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.