Transfer of customer assets (Scheme of arrangement)

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

  • American Smaller Companies Fund (US)
  • European Smaller Companies Fund
  • Global Emerging Markets Equity Fund
  • Global Equity Income Fund

We are planning to transfer the assets of investors in certain share classes of each fund listed above into an equivalent share class within our established Luxembourg fund range. Please note these changes do not impact GBP share classes.  The transfers will be made by a process called a scheme of arrangement.

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 from our UK range to our Luxembourg range, we can provide certainty for investors and ensure they will remain in a UCITS-compliant fund, regardless of any 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 transfers 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.