Transfer of customer assets (Cross-border merger)

We have written to investors about a proposed change to the following funds.

  • European Corporate Bond Fund
  • European High Yield Bond Fund
  • Pan European Fund
  • Pan European Smaller Companies Fund
  • Pan European Equity Dividend Fund
  • Credit Opportunities Fund

We are planning to transfer the assets of each fund listed above into an equivalent fund within our established Luxembourg fund range. The transfer will be made by a process called a 'cross-border merger'.

As UK-based funds, the above listed funds currently enjoy UCITS1 status within the European Union. This means that funds in one EU country can be accessed by investors in other EU countries, with those investors benefitting from common investment restrictions and regulatory supervision. However, when the UK leaves the EU, it is likely that UK-based funds will lose this status.

By transferring the assets of the Existing Funds to an equivalent Luxembourg-based fund, we can provide certainty for investors and ensure they will remain in a UCITS-compliant fund, regardless of the final agreement between the UK and the EU. Our aim is to provide continuity and certainty for investors in our funds. Full details of the proposed merger can be found in the Shareholder Circular.

Related documents

Corporate letter

Shareholder circular

Q&A

Draft KIIDs


1 UCITS stands for Undertakings for Collective Investment in Transferable Securities. UCITS provides a harmonised regulatory regime for the management and sale of mutual funds within the European Union.