RL360 Fund Suspension - FP Symphony International Balanced

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Fund Suspension - FP Symphony International Balanced

In order to protect all shareholders, the fund has been suspended whilst arrangements are made to sell the underlying asset and transfer this into a new fund.

Impacts on closed products with access to

Financial Partners, the fund adviser for the FP Symphony International Balanced (USD) fund are planning to make changes in order to seek an improvement to its performance potential. 

 

It is their intention to change the underlying asset to the Harmony Portfolios US Dollar Balanced fund, which is a sub-fund of the Momentum Global Funds SICAV. The fund aims for a balance between capital preservation and capital growth by investing in a diversified portfolio of asset types, with a bias towards US Dollar denominated assets. 

 

In order to effect such a change of underlying asset the fund adviser has initiated the process of selling the current underlying asset. 

 

As RL360 are the largest shareholder in the current underlying asset, we have been advised by the investment manager that when this redemption request has been processed the value of the fund will decrease to a size that would make it difficult for them to manage, and the fixed costs would be too large to be commercially viable for remaining investors. 

 

In light of the above, and in order to protect the interests of all shareholders, the board of directors of the fund has determined that it should be placed into immediate suspension whilst arrangements are made to formally close it and for its net assets to be sold and distributed to its shareholders. 

 

A client communication has been issued to all Momentum, Quantum, Eclipse and Capital Investment Portfolio policyholders affected by the suspension with a copy to their servicing financial adviser. Sample letters can be viewed opposite. 

 

Once we receive proceeds from the closing fund and are in a position to reinvest into the new underlying fund - the Harmony Portfolios US Dollar Balanced fund - a further client communication will be issued. Once proceeds are received it would be our intention to recommence the pricing of the fund.