New fund name: OMR abrdn Sterling Short Term Government Bond Fund
New fund name: OMR abrdn UK Real Estate Share
New fund name: OMR abrdn Multi-Manager Cautious Managed Portfolio
New fund name: OMR abrdn Multi-Manager Distribution Portfolio
We can confirm that we are expecting to receive a fourth payment from Aviva which we will be passing on to customers shortly after.
Those customers still invested in the impacted funds will have their payments added to their plans in the following replacement funds:
OMR Aviva UK Property Feeder > OMR abrdn UK Real Estate
OMR Prof Aviva UK Property Feeder > OMR Prof Deposit
Aviva Investors UK Prop Feeder (Life & Pension) > L&G Property Feeder
We will be issuing a letter to customers shortly after the units have been added to plans.
We expect to receive further payments in future and will provide further information when we do.
New objective:
The fund aims to provide income and capital growth in excess of the MSCI World (Net Total Return) Index (after fees have been deducted) over a 3 to 5 year period by investing in equities of companies worldwide. The Fund is actively managed and invests at least 80% of its assets in equity and equity related securities of companies worldwide which offer sustainable dividend payments. The Fund seeks to invest in a diversified portfolio of equity and equity related securities that (1) offer capital growth and income; and (2) whose dividend yield in aggregate is greater than the average market yield. Equities with below average dividend yield may be included in the portfolio when the investment manager considers that they have the potential to pay above average income in future. This fund invests in the underlying retail fund in order to track its performance, this means that fund performance may differ to the underlying fund.
We wrote several months ago to let customers know that a number of funds with underlying investment in Russia that they held had been suspended. The JPM Emerging Europe Equity Fund (which we referred to as the OMR JPM Emerging Europe Equity Fund in our previous letter) was one of these funds.
The Fund Manager of the underlying fund, JPM, has decided to transfer the available assets which weren’t linked to Russia from this fund to a new fund, called the JPM Emerging Europe Equity II Fund. This new fund will not be suspended, therefore we will be able to add units back into policies for the equivalent value in the OMR JPM Emerging Europe Equity II fund, after which customers will be able to transact on this new fund.
Please note that because customers will still have some money invested in the original JPM Emerging Europe Equity Fund, the existing restrictions on what they can and can’t do will still apply. You can read more about this in our previous letter (called ‘Russian-linked fund suspensions’) or at: reassure.co.uk/article/russian-funds.
We are aiming to have all relevant payments calculated and made to customer plans by the end of January. A further letter will be issued once the payment has been made.
The objective of this Fund is to achieve capital growth over the long term (5 years or more) and it aims to outperform the MSCI United Kingdom IMI (or any successor index). The fund will invest at least 80% in equities and equity related instruments in UK companies. From time to time, when particular opportunities are identified, or the ACD considers it appropriate, the Fund may invest in other permitted transferable securities. The fund will seek to invest in the full range of opportunities available to it, which will include shares on the AIM. The fund uses derivatives for efficient portfolio management and investment purposes. The use of derivatives is intended to be limited. The fund invests in companies in any economic sector that may be listed, quoted or traded in the UK or elsewhere but which are incorporated or domiciled or conduct a significant portion of their business in the UK. Some companies may however have overseas earnings as part of their trading profits. The fund may be invested in any industry sector.
Previous TER: 1.00%
New TER: 0.87%
Previous TER: 1.04%
New TER: 0.99%
