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Fund Closure - Investec GSF Managed Currency

We have been informed by Investec Asset Management that they intend to close their Investec GSF Managed Currency Fund on 19 June 2015.

Impacts on
these products

Why Investec is closing the Fund

The Investec GSF Managed Currency Fund has seen a steady decline in assets under management in recent years. Investec do not anticipate the Fund will attract significant inflows in the future and believe that it is no longer in the best interests of investors to continue operating the Fund. When they close the Fund they will merge any remaining holdings into another Investec fund from their range. However, please note that the receiving fund does not feature in the LifePlan, Oracle, Paragon, or Quantum ranges and we will not be adding it.


We will no longer accept new investments into the Fund and it will be formally removed from the LifePlan, Oracle, Paragon, and Quantum fund ranges with immediate effect. Existing investors can continue investing into the Fund until 10 June 2015 at which stage we will switch their holding into a replacement fund within the product range. Regular premium payments (if applicable) will also be redirected from this date.


The replacement fund will be the Aberdeen Liquidity (Lux) USD, another money market fund we have available within the range.


Alternative fund choice

If Policyholders are not happy with the alternative fund choice they can choose to switch into another fund available to their policy at any time by either completing and returning a Fund switch instruction form, or if registered for switching on our Online Service Centre, by conducting a switch online. All switches are free of charge.


We have issued letters to any LifePlan, Oracle, Paragon and Quantum policyholders affected by these changes. Where an investment adviser is appointed, they will receive our notification instead of the policyholder. Servicing financial advisers attached to these policies will receive a copy of the letter for their information.


Sample letters can be viewed opposite.