Fund merger - DWS Noor Precious Metals Securities fund
The fund will be merged from its current structure into an ICAV structure on 28 May 2021. It is intended that the receiving fund will be managed in the same manner as the merging fund, investing in Sharia compliant securities.
Impacts on
these defined fund range products
Impacts on
open architecture products including
- PIMS
- Choice
- Select
DWS Investments Singapore Limited has announced that it will be merging its DWS Noor Precious Metals Securities Fund (the Merging Fund, a sub-fund of DWS Noor Islamic Funds plc) into the DWS Noor Precious Metals Securities Fund (the Receiving Fund, a sub-fund of DWS Invest (IE) ICAV (the ICAV)) on Friday 28 May 2021.
Reason for the merger
The Board of Directors of the Merging Fund have proposed the merger as a means to achieve greater economies of scale and operational efficiency. It is expected that managing the Merging Fund on the ICAV will deliver benefits to shareholders through the sharing of operational costs and management resources. The Board of Directors are therefore of the view that the decision to undertake the merger is in the best interests of the shareholders of the Merging Fund.
The investment objectives and policies of the Receiving Fund will not be materially different to the investment objectives and policy of the Merging Fund.
Applicable to open-architecture products
On the merger date, holdings will automatically transfer to the Merging fund using a merger ratio of 1:1, meaning the number of units transferred should remain the same. Bond owners will see a change of asset held under a new ISIN code on their policy. DWS Noor will stop accepting dealing instructions at 10am on 21 May 2021, therefore, should bond owners (or appointed investment advisers wish to sell their holding ahead of the merger, RL360 will need to receive dealing instructions before 9am (UK time) on 20 May 2020.
Applicable to our defined fund range products
We have now closed the fund to new business and switches-in, however, existing investors can remain invested in the Merging Fund until the merger. On the merger date, holdings (and any regular premium allocation) will be automatically redirected into the Receiving Fund. Plan owners will see the change of fund held under a new ISIN code on their plan. As the merger ratio being used is 1:1 the number of units transferred should remain the same.
We have written to plan owners, or their appointed investment adviser, impacted by the merger informing them of the action we have taken and their option for switching to a new fund if they prefer. Servicing financial advisers will receive a sample of the letter for their information. Samples of these letters can be found opposite.
| Merging fund details | Receiving fund details |
|---|---|
| DWS Noor Precious Metals Securities A USD ISIN: IE00B1FQCN68 | DWS Noor Precious Metals Securities USD LC ISIN: IE00BMF77083 |