Lifting of Soft closure - Pictet CH Precious Metals Physical Gold fund
Pictet Asset Management (“Pictet”) has announced that the soft closure of its Pictet CH Precious Metals Physical Gold fund ("the Pictet fund"), which was implemented on 26 March 2020, has now been lifted.
Impacts on
these defined fund range product
Impacts on
open-architecture products including
- PIMS
- Choice
- Select
The soft closure was implemented due to the lock-down conditions in Europe (resulting from the COVID-19 pandemic), which very significantly reduced the immediate ability of gold foundries to deliver physical gold bullions to the custodian bank. Please see our earlier notification for more information.
The action we have taken with immediate effect for our defined fund range product plan owners
With the lifting of the soft closure we are writing to plan owners, or their appointed investment adviser, informing them we will once again be able to accept new subscriptions and regular premium payments into the Pictet fund. Payments have been redirected from the UBS (Lux) Money Market fund back into the Pictet fund denominated in the same currency as shown in the table below. Servicing financial advisers will receive a copy for information. Samples letters can be viewed opposite.
We will continue to monitor the situation with the Pictet fund during the pandemic period and will notify you should the situation change again.
| Regular payment allocation redirected from | Regular payment allocation redirected into |
|---|---|
| UBS (Lux) Money Market Fund CHF P Acc - LU0033502740 | Pictet CH Precious Metals Fund - Physical Gold P CHF - CH0104851016 |
| UBS (Lux) Money Market Fund EUR P Acc - LU0006344922 | Pictet CH Precious Metals Fund - Physical Gold P EUR - CH0104850968 |
| UBS (Lux) Money Market Fund USD P Acc - LU0006277684 | Pictet CH Precious Metals Fund - Physical Gold P USD - CH0104850497 |