Investment policy and name change - BNY Mellon Global Equity Fund
We have received notification from BNY Mellon Global Funds, plc ("BNY Mellon") advising of changes to the investment policy, objective and name of its BNY Mellon Global Equity Fund (the "Fund"). The changes will take effect on 23 February 2023 (the "Effective Date").
AVAILABLE IN OUR DEFINED FUND RANGE PRODUCTS
The Fund, in its currency variants, features in our defined fund range products listed opposite.
SUMMARY OF CHANGES
BNY Mellon has notified us of a change in the Fund's investment policy and objective, to focus the Fund’s investments on companies that engage in sustainable business practices. While the consideration of sustainability risk already forms an important part of the due diligence process implemented by the Fund's Investment Manager, the Fund is currently not subject to any binding environmental, social and governance (ESG) or sustainability related restrictions on what it can invest in.
From the Effective Date, the Fund will incorporate ESG and sustainable investment process and criteria into the Fund’s investment policy. As a result, the Fund is categorised as one which promotes environmental and social characteristics, investing in companies with good governance practices as contemplated under Article 8 of the EU’s Sustainable Finance Disclosure Regulation (SFDR). The Fund portfolio will be realigned in accordance with the updated strategy and some of the investments the Fund currently holds will be sold and the cash proceeds reinvested.
Please refer to the Appendix in the Plan Owner Notification opposite for full details of the updated Investment Policy, Investment Objective and Investment Approach changes.
In order to reflect the updated policy objective, the Fund name will be updated as of the Effective Date;
| Product Range | ISIN | Current Fund Name | New Fund Name |
|---|---|---|---|
LifePlan* Protected Lifestyle* (*inc Lebanon variants) Preference Kudos | IE0004004283 | BNY Mellon Global Equity A Acc USD | BNY Mellon Global Equity Sustainable A Acc USD |
LifePlan Protected Lifestyle | IE0004003764 | BNY Mellon Global Equity A Acc EUR | BNY Mellon Global Equity Sustainable A Acc EUR |
Plan owners do not need to take any action if they are happy with the above changes on the Fund. However, they can switch to an alternative fund available to their plan, free of charge, should they wish to.
We have contacted impacted plan owners, or their appointed investment adviser; primarily by email, with letters sent by post to those who have requested such, or where we do not hold valid email details.
AVAILABLE IN OUR OPEN-ARCHITECTURE PRODUCTS
The Fund can be accessed through our portfolio bonds and will be subject to the changes detailed in the BNY Mellon notification opposite.
For more information regarding BNY Mellon Global Funds visit: www.bnymellonim.com