Fund Closure - Parvest Opportunities USA
BNP Paribas has been conducting a rationalisation of the BNP Paribas Group range of funds and in doing so has decided to close its Parvest Opportunities USA Fund on 18 July transferring all holdings to its Parvest Equity USA Value Fund.
Policyholders invested via Oracle, Paragon and Quantum
The Parvest Equity USA Value fund does not feature in the Oracle, Paragon or Quantum fund range, therefore it will be necessary to transfer investors existing holdings and redirect any regular premiums from the closing fund into an alternative fund available within the range.
Fund now closed to new business
We will no longer accept investments into the Fund from new investors, and the Fund will be formally removed from the Oracle, Paragon and Quantum fund range with immediate effect. Existing investors can continue investing in the Fund until 7 July 2014, then at that stage will be transfered into the elected alternative fund, the Janus US Twenty Fund.
The Janus US Twenty Fund has a similar fund objective, holding a concentrated portfolio of growth stocks of US companies. It has also significantly outperformed the Parvest fund providing a 14.08% annualised return over 5 years, versus a return of -1.87% over the same period for the Parvest fund as at 31 May 2014* (* Source: Financial Express).
Policyholders have been written to advising them of the closure. Where an investment adviser has been appointed on the policy, they will receive the correspondence instead of the policyholder. Servicing agents will receive a copy of the letter for their information and to assist with queries.
If policyholders/investment advisers are not happy with the policy's holding and regular premium payments (where applicable) in the Parvest Opportunities USA Fund being transferred into the Janus US Twenty Fund then they can choose to switch into any other fund available to their policy free of charge. Policyholders/investment advisers can do this by either completing and returning a Fund Swith form or, if registered as a user of our Online Service Centre and fund switching facility, by conducting a switch online by the 7 July 2014. Premium redirections should also be completed on the Fund Switch form or online.
The fund manager notification and sample letters can be viewed opposite.