Fund merger - M&G Global Leaders Fund
Following Shareholder approval on 20 April 2018, the M&G Global Leaders Fund will merge into the M&G Global Themes Fund on 25 May 2018.
Impacts on
these guided architecture products
Impacts on
open architecture products including
- PIMS
- Select
- Choice
Reason for the merger
The fund manager of the M&G Global Leaders Fund, Aled Smith, will be leaving M&G in May 2018. M&G conducted a review in order to determine who should run the fund after Aled’s departure and concluded that Jamie Horvat, manager of their Global Themes Fund, would be best placed to do this. However, as their Global Leaders Fund and their Global Themes Fund have similar characteristics, M&G feel that running two funds with similar mandates by the same fund manager could be confusing for investors, so they have decided to merge the two funds.
Action RL360 will be taking for guided-architecture products
As the receiving fund is not in the fund range available to our guided architecture products, on 22 May 2018 we will be switching holdings, and redirecting regular premiums where applicable, into an alternative fund already in the range as follows:
| Merging fund | Alternative fund |
|---|---|
| M&G Leaders A Acc GBP | Fundsmith Equity R Acc GBP |
| M&G Leaders A Acc USD | Janus Henderson Global Equity R Acc USD |
| M&G Leaders A Acc EUR | Janus Henderson Global Equity R Acc EUR |
If policyholders, or their appointed investment advisers, are happy to continue investing in the alternative fund, they don’t need to do anything. However, if they would prefer to switch to a different fund from the range available to their product, it’s free of charge. If registered for Online Services and our online switching facility, they can conduct an online switch quickly and efficiently. Alternatively, they can download a Switch form and return it to us by post or fax. Samples of letters issued to policyholders and investment advisers can be viewed opposite.
Action RL360 will be taking for open-architecture products
For portfolio bond holders, their holdings will automatically transfer to the M&G Global Themes Fund. Should they wish to switch to a different fund they can either complete a deal online or send us a completed Dealing form.