Existing customers

Important information on your collective investments

What you need to know

We wrote to customers regarding the changes proposed for your investments. 

We believe that these changes are in your best interests as an investor, and were required to seek permission to undertake some of them, i.e. the fund mergers. Accordingly, we asked all investors to vote, either by proxy or in person at the Extraordinary General Meetings (EGM), to approve or reject the proposed merger of their fund(s).

The EGMs were held on 14 th March 2019 at Royal Bank of Scotland, Gogarburn Conference Centre, 175 Glasgow Road, Edinburgh, EH12 9BH

The results of the merger votes can be found below:

EGM Outcome Notice 

Helpful Q&A's


Review our FAQ's below

We are making several changes - some of these changes require shareholder approval whilst others do not. We need shareholder approval in order to proceed with the proposed fund mergers. We also made several changes as a part of periodic review to ensure we are meeting our investment funds’ objectives in an efficient and controlled manner.

The following changes will occur regardless of whether the proposed mergers go ahead or not:

  1. We are appointing Coutts & Company as the new investment manager to provide investment management services to all the Funds. The current investment manager is Aviva Investors Global Services Limited.
  2. We are appointing The Bank of New York Mellon (International) Limited (BNY Mellon) to provide depositary and custody services. The current depositary is J.P. Morgan Europe Limited (J.P. Morgan).
  3. We are slightly modifying the investment objectives and policies; however, they will remain largely in line with the previous objectives and policies. There will be no material differences between the risk profiles of the new fund(s) and the corresponding existing fund(s).
  4. The Valuation Point (the time at which the price of the fund is determined on each dealing day) is changing to 11pm with effect from 20th May 2019.

We are seeking shareholder approval to merge the funds as we believe it offers the best investment option for current (and new) investors.

With the wider rationalization of our fund range, the proposed merger would maximize economies of scale and benefit investors by allowing us to offer lower charges for the new funds.

If the mergers are approved, you will automatically become a shareholder in the new fund(s) on the effective date of the merger, and the existing fund(s) in which you were previously invested will close. You will receive shares equal in value to your current shareholding as at 17th May 2019.

If you don’t want to participate in the merger, you may redeem your shares in the existing fund(s) before this time by placing a redemption request on any normal dealing day until 5pm on 9th May 2019.

If the mergers are rejected, you will remain in your existing fund(s) for the time being and the same charges will apply. If this happens, we’ll reconsider how we manage your existing fund(s) and will get in touch again to communicate any proposals – including, if appropriate, their eventual closure.

The change in investment manager and depositary and the change of valuation point, will still proceed for the existing funds irrespective of the outcome of the vote.

There will be a meeting for each proposed merger (10 in total). Before each meeting, we will check your name against the shareholder register to ensure that only those entitled to vote on a particular merger are participating.

The chairman will lead the meeting and will ask for a poll to be taken amongst those present in person. This will be counted and the results will be announced as soon as possible, however, we anticipate due to the overall number of shareholders that the result will not be disclosed until the following day.

Meeting(s) will occur at the following times:

Equity Income Fund -  10:00 am, 14th March 2019

Growth Fund -  10:20 am, 14th March 2019

High Yield Fund - 10:40 am, 14th March 2019

Extra Income Fund - 11:00 am, 14th March 2019

Balanced Fund - 11:20 am, 14th March 2019

International Growth Fund - 11:40 am, 14th March 2019

Income Fund - 12 noon, 14th March 2019

Cautious Growth Fund - 12:20 pm, 14th March 2019

Balanced Growth Fund - 12,40 pm, 14th March 2019

Adventurous Growth Fund - 13:00 pm, 14th March 2019

Key Investor Information Documents

Below are the Key Investor Information Documents (KIID) for the relevant new funds which the existing funds will merge with on 20th May 2019 subject to approval of the merger vote. Note that these KIIDs do not apply until 20th May 2019.

Managed Growth Fund

Managed Defensive Fund

Managed Equity Growth Fund

Managed Income Fund

UK Equity Fund

Global Bond Fund

Additionally you can view the Key Investor Information Document (KIID) for your Existing Fund online

Important Documents For The Funds Merger

The following documents are referred to in Appendix 5 of the voting document(s) you have been sent concerning the fund mergers. They are provided here for your review as part of your considerations for voting on the proposed fund merger. You can also view the current Prospectuses on our Key Customer Documents site.
The documents attached have been provided to us by third party companies and are therefore not of highest quality.

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