RLAM completes OEIC conversion process
8 November 2010
Royal London Asset Management (RLAM) today confirms that it has converted its remaining four unit trusts to Open Ended Investment Company (OEIC) structures, having gained strong unitholder support. This completes the process of converting the entire range of unit trusts which started in October 2009.
The following funds converted to OEICs on 5 November 2010:
UK Equity Trust
Equity Income Trust
Far East Growth Trust
UK Smaller Companies Trust
The conversion process also sees these funds move from a dual to a single pricing model. Importantly, the investment objective and policy, risk profile, fund manager and fees for each fund will remain unchanged. The funds will become part of the Royal London Equity Funds ICVC which is incorporated in the UK.
Susan Spiller, Head of Marketing at RLAM commented:
“Response to the conversion of our fund range to OEICs has been resoundingly positive with client and intermediaries recognising the advantages of this fund structure. As well as ensuring that we continue to meet the needs of our diverse investor-base, the OEIC structure offers greater flexibility to launch new funds and share classes which will benefit the business as a whole.”
- ENDS -
Editor’s notes
Royal London Asset Management (RLAM) was established in 1988 and specialises in providing investment management solutions for both the Royal London Group and a range of external institutions. These include FTSE 250 companies, local authorities, universities, charities, wealth managers, financial advisers and private clients. RLAM manages over £39bn of assets, employing more than 50 experienced investment professionals in our London based office.
RLAM has already converted the following funds to OEIC:
Royal London Sterling Credit Fund
Royal London Ethical Bond Fund
Royal London UK Special Situations Fund
Royal London UK Mid-Cap Growth Fund
Royal London European Income Fund
Royal London Japan Growth Fund
Royal London UK All Share Tracker Fund
Royal London FTSE® 350 Tracker Fund
Royal London US Index Tracker Fund
Royal London UK Growth Fund
Royal London European Growth Fund
Royal London Index Linked Fund
Royal London UK Government Bond Fund
Royal London Corporate Bond Fund
Royal London Cash Fund
The funds are grouped under two umbrella ICVC structures, Royal London Bond Funds ICVC and Royal London Equity Funds ICVC, both of which are incorporated in London.
Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value quality propositions, operating through a number of brands:
• Scottish Life – UK pensions market
• Bright Grey – UK protection market
• Scottish Provident – UK protection market
• Royal London 360° – offshore investment markets
• RLAM – fund management
• RLCM – specialist cash and liquidity management for UK onshore clients
• RLAM C.I. – specialist cash and liquidity management for offshore clients
• RLAS – life and pensions administration
• Fundsdirect / Ascentric – funds supermarket; Wrap platform
Royal London also distributes life and pensions products through Santander’s UK branch networks.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £41.0 billion. Group businesses serve around 3.4 million customers and employ 2,830 people. Figures quoted are as at 30 September 2010.