RL360 removes funds - Oracle, Paragon and Quantum

Generic Links

Welcome to RL360's

dedicated financial adviser website

For financial advisers only

Not to be distributed to, or relied on by, retail clients

Funds Removed - Oracle, Paragon and Quantum

Following a fund review and after careful consideration we have removed 10 fund links (plus their currency variants) from new business with immediate effect.

Impacts on
these products

Why have the funds been removed from the products? 

We have removed funds as there are alternatives within the range that in the current investment climate offer superior performance. 

 

No new, non-contractual, premiums can be invested into the removed funds. 

 

Existing investors in the removed funds (which we will refer to as the 'closing funds' for purposes of existing investors) can retain their holdings until mid February 2015, giving them 3 months to choose alternatives. Contractual regular premiums can continue to be paid into the closing funds over the 3 month period. 

 

What do existing investors need to do now? 

Affected policyholders should review their holdings and for each of the closing funds select an alternative fund, or funds, to switch into. They can provide us with their revised fund choice by completing and returning a Fund switch instruction form or, if registered for our Online Service Centre and fund switching facility, conduct a switch online. Premium redirections (if applicable) can also be completed on the form or online. 

 

Should we not receive alternative switch instructions by mid February 2015, we will transfer all holdings in the closing funds to an alternative fund as detailed in the table below. 

 

Policyholder letters can be viewed opposite. If an investment adviser has been appointed to the policy, they will receive the communication, not the policyholder. 

 

For users of our Online Fund Centres, please note that these no longer feature the removed funds. Any short lists you have will no longer display them. The updated Investment Guides (dated November) can be downloaded opposite and feature the revised fund range which include the 22 new fund links recently added. 

 

The table below details the closing funds, their default alternative in the absence of instructions, and the date on which the switch will be instructed. 

 

FROM: Closing fundAMCTO: Alternative fundAMCDefault switch date
Sector: Currency/Money Market
Pictet Short-Term Money Market CHF0.09%UBS (Lux) Money Market CHF0.04%11 Feb 2015
Pictet Short-Term Money Market EUR0.44%UBS (Lux) Money Market EUR0.04%11 Feb 2015
Pictet Short-Term Money Market USD0.32%UBS (Lux) Money Market USD0.18%11 Feb 2015
Sector: Equity - Asia Pacific Excluding Japan
Ashburton Chindia Equity USD1.50%Axa Rosenberg Pacific ex Japan Small Cap USD1.50%24 Feb 2015
JPM Asia Pacific Strategic Equity EUR1.50%Axa Rosenberg Pacific ex Japan Small Cap EUR1.50%11 Feb 2015
JPM Asia Pacific Strategic Equity USD1.50%Axa Rosenberg Pacific ex Japan Small Cap USD1.50%11 Feb 2015
Natixis Absolute Asia AM Pacific RIM Equities USD2.15%Axa Rosenberg Pacific ex Japan Small Cap USD1.50%11 Feb 2015
Sector: Equity - Emerging Europe
Natixis Emerging Europe USD2.45%BlackRock GF Emerging Europe USD1.75%19 Feb 2015
Sector: Equity - Emerging Markets
Carmignac Emergents CHF1.50%Threadneedle Global Emerging Markets USD (note that this will be a change of fund currency from CHF to USD)1.50%11 Feb 2015
Carmignac Emergents EUR1.50%Threadneedle Global Emerging Markets EUR1.50%16 Feb 2014
Carmignac Emergents USD1.50%Threadneedle Global Emerging Markets USD1.50%11 Feb 2015
Renaissance Pan Africa USD2.00%JPM Africa Equity USD1.50%11 Feb 2015
Sector: Equity - Europe Including UK
Fidelity Funds European Aggressive EUR1.50%Henderson Horizon Pan European Alpha EUR1.20%19 Feb 2015
Sector: Equity - Global
Natixis Harris Associates Global Equity USD2.45%Henderson Gartmore Global Growth USD1.20%27 Feb 2015
Sector: Equity - Global
Natixis Emerging Latin America USD2.45%BlackRock GF Latin America USD1.75%16 Feb 2015

Investment Guides

Fund performance bulletins