Historic fund changes
View a list of older fund changes we've made as part of our ongoing governance reviews.
2023
Invesco Fund Charges Reduction – December 2023
After discussions with Invesco we are pleased to announce the following reductions to the Total Expense Ratio of the following funds:
Fund | Old TER | New TER |
---|---|---|
RLP Asia Pacific Core Plus (Invesco Asian) | 1.90% | 1.85% |
RLP Global Managed Equity Specialist (Invesco Global Equity) | 1.77% | 1.72% |
RLP/Invesco Corporate Bond | 1.50% | 1.45% |
RLP/Invesco Distribution | 1.77% | 1.72% |
RLP/Invesco Global Bond | 1.62% | 1.57% |
RLP/Invesco High Income | 1.87% | 1.82% |
RLP/Invesco Monthly Income Plus | 1.67% | 1.62% |
Merger of RLP/ASI Global Absolute Return Strategies fund – December 2023
Background
After undertaking a review of their UK authorised fund range, abrdn has taken the decision to merge the abrdn Global Absolute Return Strategies fund (the Merging Fund) into the abrdn Diversified Growth and Income fund (the Continuing Fund).
This decision was made as the merging fund has reduced in size over recent years and has not delivered the intended target performance for investors. The Continuing Fund is managed in a different way, but aims to deliver a similar performance target and outcome for investors compared to the Merging Fund. The Continuing Fund has performed better over both the short and long term after costs.
What’s changing?
- The fund name will change to RLP/abrdn Diversified Growth and Income.
- The Annual Management Charge (AMC) will reduce from 1.70% to 1.45% and the Total Expense Ratio (TER) will increase from 1.81% to 1.90%.
Next Steps
Customers invested in the RLP/ASI Global Absolute Return Strategies fund will receive a letter with further information regarding this change.
Documentation on our website relating to this change will be updated shortly.
RLP/Fidelity Emerging Europe Middle East and Africa Fund Update – August 2023
What’s changing?
On 22 March 2022, we were notified by Fidelity that they were temporarily suspending all transactions into their Emerging Europe, Middle East and Africa fund, which the above Royal London pension fund links to. This was due to the sanctions imposed on Russia affecting market trading conditions.
Fidelity has lifted the suspension on transactions into this fund which means the newly renamed RLP/Fidelity Sustainable Emerging Markets Equity fund will be re-opened to new money from 15/08/2023.
In addition to the name change there are some further changes to the fund:
- Investment Objective - This has changed from ‘the fund aims to achieve long term capital growth’ to ‘the fund aims to increase the value of investments over a period of 5 years or more’.
- Performance Benchmark - The fund’s performance benchmark has changed to MSCI Emerging Markets TR index from the MSCI Emerging EMEA NR Index. The new benchmark is representative of the geographical locations the fund will invest in.
- Sustainable Process - The fund is part of the Fidelity Sustainable Family of funds and adheres to the Fidelity Sustainable Family framework under which at least 70% of the fund’s net assets will be invested in companies deemed to maintain sustainable characteristics. Investments with sustainable characteristics are those which the Investment Manager believes have effective governance and management of environmental and social issues, and deliver long-term sustainable outcomes through positive societal impact.
Why has the suspension been lifted?
The Financial Conduct Authority (FCA) has put in place regulation aimed at ‘protecting investors in authorised funds following the Russian invasion of Ukraine’ which is referred to as ‘side pockets’. This now means that fund managers are able to create side pockets and move suspended assets (in this case assets held within Russia, Ukraine and Belarus) into a newly created share class, while leaving the remaining assets open and available to be valued and traded as normal.
The creation of the side pocket allows fund managers to continue managing the fund in keeping with its new investment objective. As an investor, you’ll benefit from the ongoing performance of the fund’s non-Russian assets as normal, while still keeping an interest in the suspended Russian assets through the creation of the new side pocket. Any switch out of the fund will also remove the units held in the Russian assets.
What impact do these changes have?
Since February 2022, following the Russian invasion into Ukraine, the total value of the RLP/Fidelity Sustainable Emerging Markets Equity fund has fallen by approximately 40%. This is primarily due to the value of Russian assets falling following sanctions imposed on trading Russian assets. If these sanctions were to be lifted in the future, then by withdrawing from the fund now your clients would lose any potential recovery in value. Please remember that like any other investment, the value of the non-Russian assets in the fund can go down as well as up.
You are now able pay money into this fund if you wish. Due to change of fund objective and benchmark, you may wish to review whether this fund is still suitable for you.
What about any regular contributions that have been paid into this fund?
Any regular contributions received after 22 March 2022, which would normally have been allocated to the RLP/Fidelity Emerging Europe Middle East and Africa fund, would instead have been allocated to the RLP Deferral Alternate fund while restrictions applied to the fund.
The RLP Deferral Alternate fund invests in money market instruments. These may include cash, bank deposits and very short-term fixed interest investments. There may be periods when the return available from money market instruments is less than the plan charge which will result in a negative return from this fund.
For those who have rebalancing in place, these payments will automatically move into the new RLP/Fidelity Sustainable Emerging Markets Equity fund the next time your policy is rebalanced after restrictions are lifted.
For those who do not have rebalancing in place, these payments will remain in the RLP Deferral Alternate fund unless we receive alternative instructions for this money, which can be done at any time.
Further information
For details of the RLP/Fidelity Sustainable Emerging Markets Equity fund please see the factsheet available on this page.
For further information about these changes, please see the following communication (opens in a new window) from Fidelity.
If you would like any further information on how this affects you, please contact us on 0345 605 0050.
RLP/JPMorgan Emerging Europe Equity Fund Update – August 2023
What’s changing?
On 2 March 2022, we were notified by JPMorgan that they were temporarily suspending all transactions in or out of their Emerging Europe Equity fund, which the above Royal London pension fund links to. This was due to the sanctions imposed on Russia affecting market trading conditions.
JPMorgan has lifted the suspension on transactions out of their fund which means that, from 15/08/2023, you can access the money you have invested in the RLP/JPMorgan Emerging Europe Equity fund. However, this fund remains closed to new premiums (both single and regular) and switches in.
Why has the suspension been lifted?
The Financial Conduct Authority (FCA) has put in place regulation aimed at ‘protecting investors in authorised funds following the Russian invasion of Ukraine’ which is referred to as ‘side pockets’. This now means that fund managers are able to create side pockets and move suspended assets (in this case assets held within Russia, Ukraine and Belarus) into a newly created share class, while leaving the remaining assets open and available to be valued and traded as normal.
The creation of the side pocket allows fund managers to continue managing the fund in keeping with its existing investment objective. As an investor, you’ll benefit from the ongoing performance of the fund’s non-Russian assets as normal, while still keeping an interest in the suspended Russian assets through the creation of the new side pocket. Any switch out of the fund will also remove the units held in the Russian assets.
What impact does this change have?
Since February 2022, following the Russian invasion into Ukraine, the total value of the RLP/JPMorgan Emerging Europe Equity fund has fallen by approximately 72%. This is primarily due to the value of Russian assets falling following sanctions imposed on trading Russian assets. If these sanctions were to be lifted in the future, then by withdrawing from the fund now you would lose any potential recovery in value. Please remember that like any other investment, the value of the non-Russian assets in the fund can go down as well as up.
Transactions out of the fund will no longer be delayed and will take place according to our standard terms and conditions.
What about any regular contributions that have been paid into this fund?
Any regular contributions received after 2 March 2022, which would normally have been allocated to the RLP/JPMorgan Emerging Europe Equity fund, would instead have been allocated to the RLP Deferral Alternate fund while restrictions applied to the fund.
The RLP Deferral Alternate fund invests in money market instruments. These may include cash, bank deposits and very short-term fixed interest investments. There may be periods when the return available from money market instruments is less than the plan charge which will result in a negative return from this fund.
This will continue whilst the JP Morgan fund remains closed to new money, unless we receive alternative instructions, which can be done at any time.
Further information
For details of the RLP/JPMorgan Emerging Europe Equity fund, please see the factsheet available on this page.
For further information about these changes, please see the following communication (opens in a new window) from JPMorgan.
If you would like any further information on how this affects you, please contact us on 0345 605 0050.
RLL Global Managed Fund Benchmark change – July 2023
We’re changing the benchmark of the RLL Global Managed Pension fund to 25% UK Equities, 65% Global Developed Market Equities and 10% Emerging Market Equities. This change is designed to improve the long-term outcomes for our customers and will be implemented week commencing 12th July 2023.
What’s changing?
- The benchmark will change from ‘ABI UK – Global Equities –life sector average’ to ‘25% FTSE All Share Index, 65% FTSE World Index & 10% MSCI Emerging Markets ESG Leaders Index’.
- The investment aim will change from ‘The fund is designed to outperform it’s benchmark’ to ‘The fund aims to deliver capital growth, over an investment cycle of approximately 6 to 7 years, by investing in a diversified portfolio of UK and global equities’’.
- The Annual Management Charge (AMC) and Total Expense Ratio (TER) will remain unchanged.
Why are we replacing the benchmark?
As part of our governance process, we review the benchmark at least every three years to ensure it remains appropriate. This change aligns the geographical focus of the fund to appropriate benchmark indices.
RLP Global Managed Fund Benchmark change - June 2023
We’re changing the benchmark of the RLP Global Managed Pension fund to 25% UK Equities, 65% Global Developed Market Equities and 10% Emerging Market Equities. This change is designed to improve the long-term outcomes for our customers and will be implemented week commencing 12th June 2023.
What’s changing?
- The benchmark will change from 35% FTSE All Share, 55% FTSE World & 10% MSCI Emerging Markets ESG Leaders Index to 25% FTSE All Share, 65% FTSE World and 10% MSCI Emerging Markets ESG Leaders Index.
- The investment aim will change from ‘The fund is designed to outperform it’s benchmark’ to ‘The Fund aims to deliver capital growth, over an investment cycle of approximately 6 to 7 years, by investing in a diversified portfolio of UK and global equities’.
- The Annual Management Charge (AMC) and Total Expense Ratio (TER) will remain unchanged.
Why are we replacing the benchmark?
As part of our governance process, we review the benchmark at least every three years to ensure it remains appropriate. This change is the next step in an established direction to increase exposure to global markets.
RLP Global Growth Fund Benchmark change - June 2023
We’re changing the benchmark of the RLP Global Growth Pension fund to 25% UK Equities, 65% Global Developed Market Equities and 10% Emerging Market Equities. This change is designed to improve the long-term outcomes for our customers and will be implemented week commencing 12th June 2023.
What’s changing?
- The benchmark will change from 35% FTSE All Share, 55% FTSE World & 10% MSCI Emerging Markets ESG Leaders Index to 25% FTSE All Share, 65% FTSE World and 10% MSCI Emerging Markets ESG Leaders Index.
- The Annual Management Charge (AMC) and Total Expense Ratio (TER) will remain unchanged.
Why are we replacing the benchmark?
As part of our governance process, we review the benchmark at least every three years to ensure it remains appropriate. This change is the next step in an established direction to increase exposure to global markets.
RLP BlackRock ACS Global Blend Fund Benchmark change June 2023
We’re changing the benchmark of the RLP BlackRock ACS Global Blend Pension fund to 25% UK Equities, 65% Global Developed Market Equities and 10% Emerging Market Equities. This change is designed to improve the long-term outcomes for our customers and will be implemented week commencing 12th June 2023.
What’s changing?
- The benchmark will change from 35% FTSE All Share, 55% FTSE World & 10% MSCI Emerging Markets ESG Leaders Index to 25% FTSE All Share, 65% FTSE World and 10% MSCI Emerging Markets ESG Leaders Index.
- The Annual Management Charge (AMC) and Total Expense Ratio (TER) will remain unchanged.
Why are we replacing the benchmark?
As part of our governance process, we review the benchmark at least every three years to ensure it remains appropriate. This change is the next step in an established direction to increase exposure to global markets.
2022
Fund name changes – November 2022
The following fund name changes took place in November:
Old Fund Name | New Fund Name |
---|---|
RLP UK Mid Cap Specialist (Franklin UK Midcap) | RLP UK Mid Cap Spec (FTF Martin Currie UK Midcap) |
RLL Index Linked | RLL UK Index Linked |
RLP Index Linked | RLP UK Index Linked |
RLP International Government Bond | RLP Global Government Bond |
Please note that the fund charges remain the same.
Fund name changes - May 2022
The following fund name changes took place in May:
Old Fund Name | New Fund Name |
---|---|
RLP/JPMorgan Global Macro | RLP/JPMorgan Global Macro Sustainable |
RLP/Liontrust Global Equity | RLP/Liontrust Global Innovation |
Please note that the fund charges remain the same.
Fund name changes – April 2022
Royal London have made changes to the RLP Cash Plus and RLP Enhanced Cash Plus funds
The names of the funds will change as per below. This is as a result of RLAM changing the names of their equivalent funds to closer align to their investment process.
Old Fund Name | New Fund Name |
---|---|
RLP Cash Plus | RLP Short Term Fixed Income |
RLP Enhanced Cash Plus | RLP Short Term Fixed Income Enhanced |
The description of the fund objectives will also change. The objectives themselves aren’t changing and the funds will continue to be managed with the same process they have previously, however the changes below provide more clarity around the process.
RLP Short Term Fixed Income
The Fund’s investment objective is to achieve a total return over rolling 12-month periods by mainly investing in cash and cash equivalents and government securities. The Fund’s performance target is to outperform, before the deduction of charges, the Bank of England Sterling Overnight Interbank Average (SONIA) by 0.5% per annum over rolling 12-month periods.
A minimum of 50% of the Fund will be invested in a combination of money market instruments, including cash, time deposits, certificates of deposit and commercial paper and floating rate notes. Government bonds are also included in this segment of the Fund. In exceptional circumstances the Fund may invest up to 100% in money market instruments.
The Fund will also invest in a range of securities, including corporate bonds and supranational & agency bonds, asset backed securities and/or transferable securities. The Fund may also make use of reverse repurchase agreements.
The Fund may also hold a small amount of its portfolio in derivatives (investments that derive their value from another closely related underlying investment) for the purposes of efficient portfolio management.
RLP Short Term Fixed Income Enhanced
The Fund is actively managed, meaning that the manager will use their expertise to select investments to meet the objective. The Fund’s performance target is to outperform, before the deduction of charges, the Bank of England Sterling Overnight Interbank Average (SONIA) by 0.5% per annum over rolling 12-month periods.
The Fund will invest at least 70% in Short Term Fixed Income Securities. Short Term Fixed Income securities are instruments, which will have a duration of 0-18 months. In a normal market environment these instruments can be easily and quickly liquidated. Examples of these include money market instruments, government bonds and corporate bonds.
A minimum of 50% of the Fund will be invested in a combination of money market instruments, including cash, time deposits, certificates of deposit and commercial paper, floating rate notes and government bonds. In exceptional circumstances the Fund may invest up to 100% in money market instruments.
The Fund will also invest in a range of other securities, which includes corporate bonds and supranational & agency bonds, covered bonds and/or transferable securities. The Fund may also hold derivatives (investments that derive their value from another closely related underlying investment) for the purposes of efficient portfolio management.
The respective factsheets will be updated will be updated with these details soon
Dimensional Fund Charges Reduction – April 2022
After discussions with Dimensional we are pleased to announce the following reductions to the Total Expense Ration of the following funds:
Old | New | |||||
---|---|---|---|---|---|---|
Fund | AMC | Investment Expenses | TER | AMC | Investment Expenses | TER |
RLP/Dimensional Emerging Markets Core Equity |
1.33% | 0.09% | 1.42% | 0.09% | 1.40% | |
RLP/Dimensional Global Targeted Value |
1.40% | 0.04% | 1.44% | 0.04% | 1.39% | |
RLP/Dimensional UK Core Equity |
1.11% | 0.05% | 1.16% | 0.05% | 1.15% |
RLP/Fidelity Emerging Europe, Middle East and Africa Fund Update - March 2022
On 22 March 2022, we were notified by Fidelity that they were suspending new money being invested in their Emerging Europe, Middle East and Africa fund which the above Royal London pension fund links to. This is due to the ongoing situation in Ukraine affecting market trading conditions.
Fidelity note:
Due to the unprecedented situation regarding the war in Ukraine, normal market trading conditions have been significantly impaired. Fidelity International, like many other asset managers, has experienced challenges in terms of liquidity across a number of its impacted funds, including the proportion of securities currently not tradeable, which have been significantly marked down.
It is always our duty to act in the best interests of all investors and ensure fair treatment. To do this, we need to make sure that all assets continue to be valued appropriately and that all trading activity on behalf of clients is done at a fair price.
Given the current circumstances and having looked in-depth at the options available to us to protect the interests of existing shareholders, we have decided to temporarily close the Fidelity Emerging Europe, Middle East and Africa Fund (OEIC) to new subscriptions and switches-in. Existing clients in the Fund can continue to redeem or switch out of the Fund as usual.
The outcome of this is we must also suspend new money into the RLP/Fidelity Emerging Europe, Middle East and Africa fund until the suspension on the underlying fund is lifted. This delay does not apply to members looking to exit the fund.
For further details please refer to our Q&A (PDF)
For details of the RLP/Fidelity Emerging Europe, Middle East and Africa Fund, please see the factsheet available on this page.
Please also see our RLP Deferral Alternate fund factsheet (PDF)
If you would like any further information on how this affects you, please contact us on 0345 605 0050.
RLP/JPMorgan Emerging Europe Equity Fund Update
On 28 February 2022, we were notified by JPM that they were suspending dealing on their Emerging Europe Equity fund which the above Royal London pension fund links to. This is due to having the majority of its’ investments in Russian stocks and shares and the country recently closing their stockmarket due to the current conflict with Ukraine.
What’s changing?
The outcome of this is we must also suspend trading on the RLP/JPMorgan Emerging Europe Equity fund until the suspension on the underlying fund is lifted. This means that some transactions will be temporarily restricted from the fund (for up to one month). This delay does not apply to normal retirement claims, death claims or income requirements in drawdown.
Why JPMorgan are making this change:
Due to the escalating conflict between Russia and the Ukraine, local market trading conditions are not currently operating as they normally would do and accordingly, we are unable to manage the fund in accordance with the investment objective and policy. Given these current market conditions, and in order to protect the interests of existing shareholders, JPMorgan Funds Limited has suspended the JPM Emerging Europe Equity Fund. Unfortunately, we are unable to say how long the fund will be suspended for, but the decision will be reviewed on an ongoing basis.
Will the fund charges continue to be taken?
JPMorgan have removed the investment charge from the fund during the suspension period leading to a reduction of 0.75%. The Royal London product/admin charge will continue to be taken during this period as we continue to administer and price the fund on a daily basis.
For further details please refer to our Q&A (PDF)
For details of the RLP/JPMorgan Emerging Europe Equity fund, please see the factsheet available on this page.
Please also see our RLP Deferral Alternate fund factsheet (PDF)
If you would like any further information on how this affects you, please contact us on 0345 605 0050.
2021
Fund name changes – December 2021
The following fund changes took place in November/December:.
Old Fund Name | New Fund Name |
RLP/Schroder MM Diversity Balanced | RLP/Schroder Blended Portfolio 6 |
RLP/Schroder MM Diversity Tactical | RLP/Schroder Blended Portfolio 7 |
RLP/Schroder MM International | RLP/Schroder Global Equity |
RLP/Schroder MM UK Growth | RLP/Schroder UK Multi-Cap Income |
RLP/First State Global Listed Infrastructure | RLP/First Sentier Global Listed Infrastructure |
RLP Asia Pacific Core Plus (Stewart Investors Asia Pacific Leaders) | RLP Asia Pacific Core Plus (Stewart Investors Asia Pacific Leaders Sustainability) |
RLP/Ninety One Cautious Managed | RLP/Ninety One Global Income Opportunities |
Please note that the fund charges remain the same.
First State - Sept 2021
The following changes have been made below:
Fund Manager | Old Fund Name | New Fund Manager | New Fund Name |
First State | First State Global Listed Infrastructure | First Sentier | First Sentier Global Listed Infrastructure |
Stewart Investors | Stewart Investors Asia Pacific Leaders | N/A | Stewart Investors Asia Pacific Leaders Sustainability |
Ninety One | Ninety One Cautious Managed | N/A | Ninety One Global Income Opportunities |
Please note that the fund charges remain the same.
RLAM (passive equity fund) name changes – August 2021
RLAM have made changes to some of their passive equity funds which directly impacts the RLP American, RLP Pacific, RLP Japan and the RLP Far East (Ex Japan) pension funds as well as the RLL Pacific life fund.
The table below shows the new fund names:
Old Fund Name | New Fund Name |
RLP American | RLP American Tilt |
RLP Far East (Ex Japan) | RLP Far East (Ex Japan) Tilt |
RLP Japan | RLP Japan Tilt |
RLL Pacific | RLL Pacific Tilt |
RLP Pacific | RLP Pacific Tilt |
RLP/Legg Mason IF Royce US Smaller Companies fund name and manager change – August 2021
The following change has been made to the fund name and fund manager of this fund:
Old Fund Manager | Old Fund Name | New Fund Manager | New Fund Manager |
Legg Mason | Legg Mason IF Royce US Smaller Companies | Franklin Templeton | FTF Royce US Smaller Companies |
Royal London Asset Management (RLAM) passive equity fund changes – August 2021
Royal London Asset Management (RLAM) are making changes to some of their passive equity funds. The change will start to take place from 9 August and will directly impact the RLP American, RLP Pacific, RLP Japan and RLP Far East (ex Japan) pension funds.
The changes will improve the Responsible Investment profile of the funds, whilst continuing to deliver returns in line with the traditional benchmarks with no increase in charges.
What’s changing?
The funds will move to an active management style, which will be managed within a controlled risk framework meaning the performance difference shouldn’t be more than 1% relative to the benchmark over a three year period.
They will increase and reduce allocation to companies and sectors dependent on key Environmental Social Governance (ESG) metrics such as carbon intensity, executive pay and social controversies.
What impact will this change have on the funds?
In the first instance, the carbon intensity of the funds will reduce by between 10% and 30%. This is a significant step towards achieving the global climate ambitions of being net zero by 2050 whilst continuing to deliver returns within a controlled framework.
The benchmark will remain the same, with no increase in charges. The aim of the funds will be changing to deliver returns in line with the benchmark over a 3-year period whilst incorporating Responsible Investment and ESG considerations into the investment process.
RLP BlackRock ACS Global Blend pension fund benchmark change – June 2021
BlackRock are changing the benchmark for two of the underlying funds which make up the RLP BlackRock ACS Global Blend pension fund. The change will come into effect at the end of June 2021.
What’s changing?
The underlying funds will now move to track an Environmental, Social and Governance (ESG) screened index. We do not expect these changes to impact the fund aim, which is to provide returns in line with its benchmark.
Why are BlackRock replacing the benchmark?
The change will address broad sustainability related factors and reduce risks related to a low carbon transition of the global economy.
The new indices will screen out certain stocks that do not meet specific ESG criteria such as controversial weapons, small arms and United Nations Global Compact violators as well as two fossil fuel screens related to thermal coal and oil sands.
Benchmark changes to some of the RLP BlackRock ACS pension funds – June 2021
BlackRock are changing the benchmarks of the following pension funds - RLP BlackRock ACS European Index, RLP BlackRock ACS Japanese Equity Index, RLP BlackRock ACS UK Equity Index, RL BlackRock ACS US Equity Index and RLP BlackRock ACS World (ex UK) Equity Index. The changes will come into effect at the end of June 2021.
What’s changing?
The benchmarks will move to an Environmental, Social and Governance (ESG) screened index. We do not expect the changes to impact the aim of the funds, which is to provide returns in line with their benchmark.
Why are BlackRock replacing the benchmark?
The changes will address broad sustainability related factors and reduce risks related to a low carbon transition of the global economy.
The new indices will screen out certain stocks that do not meet specific ESG criteria such as controversial weapons, small arms and United Nations Global Compact violators as well as two fossil fuel screens related to thermal coal and oil sands.
Dimensional Fund Charges Reduction – May 2021
After discussions with Dimensional we are pleased to announce the following reductions to the Total Expense Ration of the following funds:
Old | NEW | |||||
Fund | AMC | Investment Expenses | TER | AMC | Investment Expenses | TER |
RLP/Dimensional Emerging Markets Core Equity | 1.50% | 0.12% | 1.62% | 0.09% | 1.42% | |
RLP/Dimensional Global Core Equity | 1.25% | 0.05% | 1.30% | 0.04% | 1.21% | |
RLP/Dimensional Global Targeted Value | 1.45% | 0.05% | 1.50% | 0.04% | 1.44% | |
RLP/Dimensional UK Core Equity | 1.12% | 0.08% | 1.20% | 0.05% | 1.16% |
Ninety One fund name change - March 2021
The following fund and fund manager changed their name.
Old Fund Manager | Old Fund Name | New Fund Manager | New Fund Name |
Merian | RLP/Ninety One Global Energy | Ninety One | RLP/Ninety One Global Environment |
Merian fund manager and name change – March 2021
The following fund and fund manager changed their name.
Old Fund Manager Name | Old Fund Name | New Fund Manager Name | New Fund Name |
Merian | RLP US Core Plus (Merian North American Equity) | Jupiter | RLP US Core Plus (Jupiter North American Equity) |
RLP Global Managed Fund - Benchmark change
We’re changing the benchmark of the RLP Global Managed fund to 35% UK Equities, 55% Global Developed Market Equities and 10% Emerging Market Equities. This change is designed to improve the long-term outcomes for our customers and will be implemented between now and the end of January 2021.
What’s changing?
• The benchmark will change from 50% FTSE All Share/50% FTSE All World ex UK to 35% FTSE All Share/55% FTSE World/10% MSCI Emerging Markets ESG Leaders Index.
• The investment aim will change to - The Fund aims to deliver capital growth, over an investment cycle of approximately 6 to 7 years, by investing in a diversified portfolio of UK and global equities.
•The Annual Management Charge (AMC) and Total Expense Ratio (TER) will remain unchanged.
Why are we replacing the benchmark?
As part of our governance process the Royal London Investment Advisory Committee (IAC) review the benchmark every three years. This move is the next step in an established direction to increase exposure to emerging markets and reduce exposure to UK equities and is in line with our current tactical position which is overweight in both global and emerging market equities and underweight in UK equities.
RLP Global Growth Fund - Benchmark change January 2021
We’re changing the benchmark of the RLP Global Growth fund to 35% UK Equities, 55% Global Developed Market Equities and 10% Emerging Market Equities. This change is designed to improve the long-term outcomes for our customers and will be implemented between now and the end of January 2021.
What’s changing?
• The benchmark will change from 50% FTSE All Share/50% FTSE All World ex UK to 35% FTSE All Share/55% FTSE World/10% MSCI Emerging Markets ESG Leaders Index.
• The Investment Aim, Annual Management Charge (AMC) and Total Expense Ratio (TER) will remain unchanged.
Why are we replacing the benchmark?
As part of our governance process the Royal London Investment Advisory Committee (IAC) review the benchmark every three years. This move is the next step in an established direction to increase exposure to emerging markets and reduce exposure to UK equities and is in line with our current tactical position which is overweight in both global and emerging market equities and underweight in UK equities.
RLP BlackRock ACS Global Blend Fund - Benchmark change
We’re changing the benchmark of the RLP BlackRock ACS Global Blend fund to 35% UK Equities, 55% Global Developed Market Equities and 10% Emerging Market Equities. This change is designed to improve the long-term outcomes for our customers and will be implemented between now and the end of January 2021.
What’s changing?
• The benchmark will change from 50% FTSE All Share/50% FTSE All World ex UK to 35% FTSE All Share/55% FTSE World/10% MSCI Emerging Markets ESG Leaders Index.
• The Investment Aim, Annual Management Charge (AMC) and Total Expense Ratio (TER) will remain unchanged.
Why are we replacing the benchmark?
As part of our governance process the Royal London Investment Advisory Committee (IAC) review the benchmark every three years. This move is the next step in an established direction to increase exposure to emerging markets and reduce exposure to UK equities and is in line with our current tactical position which is overweight in both global and emerging market equities and underweight in UK equities.
2020
RLP Japan Specialist (Invesco Japan) – December 2020
We are replacing the above underlying investment and as a result, the Schroder fund will change to the Baillie Gifford Japanese Income Growth pension fund. This change will take place week commencing 7 December 2020.
What’s changing?
• The fund name will change to RLP Japan Core Plus (Baillie Gifford Japanese Income Growth) pension fund
• The Annual Management Charge (AMC) will reduce from 1.70% to 1.57%
• The Total Expense Ratio (TER) will reduce from 1.86% to 1.58%
Why are we replacing the underlying fund?
The IAC raised concerns about the consistent underperformance from Schroders coupled with the retirement of a fund manager with a proven track record. The Baillie Gifford fund offers a strong performance track record and a significant reduction in charges.
RLP UK Equity Specialist (Invesco UK Growth) – December 2020
We are replacing the above underlying investment and as a result, the Invesco fund will change to the Fidelity UK Opportunities pension fund. This change will take place week commencing 7 December 2020.
What’s changing?
• The fund name will change to RLP UK Equity Specialist (Fidelity UK Opportunities) pension fund
• The Annual Management Charge (AMC) will reduce from 1.60% to 1.34%
• The Total Expense Ratio (TER) will reduce from 1.76% to 1.51%
Why are we replacing the underlying fund?
The IAC raised concerns about the consistent underperformance from Invesco whereas the Fidelity fund offers a strong performance track record and a significant reduction in charges.
RLP Property Fund – September 2020
We made the decision to restrict some transactions from our RLP Property fund effective from 30 March 2020. The decision has now been made to end this restricted period.
What’s changing?
The restricted period will end with effect from 29 September. If any of your transactions were affected by the restrictions then we will contact both you and your adviser to advise the next steps.
Why are we making this change?
The COVID-19 pandemic had caused the valuers of the properties owned by the fund to have more uncertainty in their valuations and to reflect this they attached a material uncertainty clause to their valuations. This clause has now been removed and this has allowed us to remove the restrictions that had been in place.
For more details on delayed transactions and more, read our list of questions and answers.
RLP Emerging Markets Specialist (Stewart Investors Global Emerging Markets Leaders) November 2020
We are replacing the above underlying investment and as a result, the Stewart Investors fund will change to the Fidelity Emerging Markets pension fund. This change will take place week commencing 2 November 2020.
What’s changing?
• The fund name will change to RLP Emerging Markets Specialist (Fidelity Emerging Markets) pension fund
• The Annual Management Charge (AMC) will reduce from 1.80% to 1.70%
Why are we replacing the underlying fund?
The IAC raised concerns about the consistent underperformance from Stewart Investors, coupled with the fund being soft closed meaning no new Royal London customers could invest. The Fidelity fund offers a strong performance track record and opens the fund up to all members.
RLP UK Equity Specialist (Schroder UK Alpha Plus) November 2020
We are replacing the above underlying investment and as a result, the Schroder fund will change to the Baillie Gifford UK Equity Alpha pension fund. This change will take place week commencing 2 November 2020.
What’s changing?
• The fund name will change to RLP UK Equity Specialist (Baillie Gifford UK Equity Alpha) pension fund
• The Annual Management Charge (AMC) will reduce from 1.70% to 1.50%
• The Total Expense Ratio (TER) will reduce from 1.86% to 1.51%
Why are we replacing the underlying fund?
The IAC raised concerns about the consistent underperformance from Schroders coupled with above average charges making it difficult to justify the fund from a value for money perspective. The Baillie Gifford fund offers a strong performance track record and a significant reduction in charges.
Fund changes – July 2020
The following funds and fund managers changed their name in July. Please note that the fund charges remain the same.
Old Fund Manager Name | Old Fund Name | New Fund Manager Name | New Fund Name |
---|---|---|---|
Investec | RLP Global Managed Equity Specialist (Investec Global Strategic Equity) | Ninety One | RLP Global Managed Equity Specialist (Ninety One Global Strategic Equity) |
Investec | RLP UK Small Cap Specialist (Investec UK Smaller Companies) | Ninety One | RLP UK Small Cap Specialist (Ninety One UK Smaller Companies) |
Investec | RLP/Investec Cautious Managed | Ninety One | RLP/Ninety One Cautious Managed |
Investec | RLP/Investec Emerging Markets Local Currency Debt | Ninety One | RLP/Ninety One Emerging Markets Local Currency Debt |
Investec | RLP/Investec Emerging Markets Local Currency Debt | Ninety One | RLP/Ninety One Global Energy |
Investec | RLP/Investec UK Special Situations | Ninety One | RLP/Ninety One UK Special Situations |
Neptune | RLP/Neptune Balanced | Liontrust | RLP/Liontrust Balanced |
Neptune | RLP/Neptune Global Alpha | Liontrust | RLP/Liontrust Global Alpha |
Neptune | RLP/Neptune Global Alpha | Liontrust | RLP/Liontrust Global Equity |
Neptune | RLP/Neptune US Opportunities | Liontrust | RLP/Liontrust US Opportunities |
Standard Life | RLP/Standard Life Global Absolute Return Strategies | Aberdeen Standard | RLP/ASI Global Absolute Return Strategies |
RLP Global Blend Core Plus (Rathbone Global Alpha) June 2020
We’ve replaced the above underlying investment and as a result, the Rathbone fund has changed to the RLP Global Growth pension fund. This change took place week commencing 29 June 2020.
What’s changed?
• The fund name has changed to RLP Global Blend Core Plus (RLP Global Growth) pension fund
• The Annual Management Charge (AMC) reduced from 1.45% to 1.00%
• The Total Expense Ratio (TER) reduced from 2.2% to 1.87%
Why have we replaced the underlying fund?
The IAC raised concerns about the consistent underperformance from Rathbone coupled with above average charges making it difficult to justify the fund from a value for money perspective. After numerous engagements with Rathbones to discuss the reasons for performance the IAC agreed to bring the management of the fund in-house. This will result in a significant reduction in charges with no change to the fund objective.
M&G Fund Charges Reduction – May 2020
After discussions with M&G we are pleased to announce the following reductions to the Total Expense Ratio (TER) of the following funds:
Old | New | |||||
---|---|---|---|---|---|---|
Fund | AMC | Investment Expenses | TER | AMC | Investment Expenses | TER |
RLP/M&G Corporate Bond | 1.45% | 0.16% | 1.61% | 1.60% | 0.00% | 1.60% |
RLP/M&G Global Themes | 1.70% | 0.17% | 1.87% | 1.85% | 0.00% | 1.85% |
RLP/M&G Global Dividend | 1.70% | 0.16% | 1.86% | 1.85% | 0.00% | 1.85% |
RLP/M&G Global Dividend | 1.58% | 0.16% | 1.74% | 1.63% | 0.00% | 1.63% |
RLP/M&G Optimal Income | 1.58% | 0.16% | 1.74% | 1.73% | 0.00% | 1.73% |
RLP/M&G Recovery | 1.70% | 0.16% | 1.86% | 1.80% | 0.00% | 1.80% |
RLP/M&G Strategic Corporate Bond | 1.45% | 0.16% | 1.61% | 1.60% | 0.00% | 1.60% |
These changes will take place on the week commencing 18th May.
RLP Property Fund – March 2020
We've taken the decision to defer some transactions from our Property Fund as of 30 March 2020. This decision has been made in the long-term interest of our customers as a whole and we will continue to closely monitor the fund and provide updates throughout this restricted period.
What’s changing?
Some transactions which involve the Property Fund will be delayed for a period of up to six months. This delay does not apply to normal retirement claims, death claims or income requirements in drawdown.
Why are we making this change?
We've seen increasing uncertainty related to the valuation of property fund assets due to the impact of the Covid-19 virus. This has caused a number of Property funds across the industry to suspend dealing. Our property surveyors have confirmed that going forward their valuations will include a material uncertainty clause. This, combined with reduced transactions in the market, means there is an increase in the likelihood of unfair outcomes to customers and has led to our decision to suspend the fund for direct investment. Throughout this period our focus is on ensuring the best possible customer outcomes, keeping these in line with both customer expectations and fairness across customers in different situations.
Read the full list of all restricted transactions and to read our questions and answers.
RLP UK Equity Specialist (Artemis UK Special Situations) March 2020
We've replaced the above underlying investment and as a result, the Artemis fund will change to the Baillie Gifford UK Alpha pension fund. This change took place week commencing 23 March 2020.
What’s changed?
• The fund name changed to RLP UK Equity Specialist (Baillie Gifford UK Equity Alpha) pension fund
• The Annual Management Charge (AMC) will reduce from 1.70% to 1.50%
• The fund’s new underlying investment objective is to outperform (after deduction of costs) the FTSE All-Share Index by at least 2% per annum over rolling five-year periods. The performance objective stated is not guaranteed.
Why have we replaced the underlying fund?
The IAC raised concerns about the consistent underperformance of the Artemis fund over a significant period of time. After extensive analysis into alternative funds, the IAC decided it’s appropriate to replace the underlying fund with the Baillie Gifford UK Equity Alpha fund as it has a strong performance track record coupled with a robust investment process.
2019
Fund changes – October 2019
The following funds and fund managers will change their name in October. Please note that the fund charges remain the same
Old Fund Manager Name | Old Fund Name | New Fund Manager Name | New Fund Name |
---|---|---|---|
Newton | RLP/Newton Multi-Asset Balanced | BNY Mellon | RLP/BNY Mellon Multi-Asset Balanced |
Newton | RLP/Newton Multi-Asset Balanced 'A' | BNY Mellon | RLP/BNY Mellon Multi-Asset Balanced 'A' |
Newton | RLP/Newton Global Income | BNY Mellon | RLP/BNY Mellon Global Income |
Newton | RLP/Newton Multi-Asset Growth | BNY Mellon | RLP/BNY Mellon Multi-Asset Growth |
Newton | RLP/Newton Multi-Asset Growth 'A' | BNY Mellon | RLP/BNY Mellon Multi-Asset Growth 'A' |
Newton | RLP/Newton Real Return | BNY Mellon | RLP/BNY Mellon Real Return |
JPM Global Macro Balanced - June 2019
JPMorgan have made some changes to the JPM Global Macro Balanced Fund which is the underlying fund for the RLP/JPMorgan Global Macro Balanced pension fund.
What's changing?
- The name of the fund will change to RLP/JPMorgan Global Macro
- The benchmark will change to ICE 1 month GBP Libor.
- The aim / objective of the fund will change to the following: the fund aims to provide positive investment returns over a rolling 3 year period in all market conditions by investing in securities globally, using Financial Derivative Instruments where appropriate, with a volatility level typically lower than two-thirds of the MSCI All Country World Index (Total Return Net). A positive return is not guaranteed over this or any time period and a capital loss may occur.
Why are we making this change?
The fund has moved to a more flexible investment strategy that makes greater use of derivatives for downside protection and has the potential for better performance in changing and adverse market conditions and therefore higher prospects for growth.
RLP Emerging Markets Equity Tracker – March 2019
We’re changing the name of the RLP Emerging Markets Equity Tracker fund to the RLP Emerging Markets ESG Leaders Equity Tracker fund. This change will take place week commencing 18 March 2019.
What’s changing?
- The fund name will change to RLP Emerging Markets ESG Leaders Equity Tracker fund.
- The investment objective has changed to – “The Fund aims to track the net total return of the MSCI Emerging Markets ESG Leaders Index. The Fund will invest primarily in the securities that make up the MSCI Emerging Markets ESG Leaders Index and instruments that provide exposure to these securities. The Index provides coverage of companies in emerging markets which have high environmental, social and governance (ESG) scores relative to their sector peers.”
Why are we making this change?
The change in name has been made to reflect the name change to the MSCI index that the fund is benchmarked against. The fund will continue to track the same index but the name has been updated to include ‘Leaders’.
2018
Fund changes – November 2018
On the 30th November the following funds and fund managers will change their name. Please note that the fund charges remain the same.
Old Fund Manager Name | Old Fund Name | New Fund Manager Name | New Fund Name |
---|---|---|---|
BlackRock Aquila | RLP/BlackRock Aquila Consensus | Blackrock | RLP/BlackRock Consensus 85 |
BlackRock Aquila | RLP/BlackRock Aquila European Equity Index | Blackrock | RLP/BlackRock ACS European Equity Index |
BlackRock Aquila | RLP/BlackRock Aquila Global Blend | Blackrock | RLP/BlackRock ACS Global Blend |
BlackRock Aquila | RLP/BlackRock Aquila Global Equity Index (50:50) | Blackrock | RLP/Blackrock ACS Global Equity Index (50:50) |
BlackRock Aquila | RLP/BlackRock Aquila Global Equity Index (60:40) | Blackrock | RLP/BlackRock ACS Global Equity Index (60:40) |
BlackRock Aquila | RLP/BlackRock Aquila Japanese Equity Index | Blackrock | RLP/BlackRock ACS Japanese Equity Index |
BlackRock Aquila | RLP/BlackRock Aquila Long Gilt Index | Blackrock | RLP/BlackRock Long Gilt Index |
BlackRock Aquila | RLP/BlackRock Aquila Over 5 years Index linked Gilt Index | Blackrock | RLP/BlackRock Over 5 years Index linked Gilt Index |
BlackRock Aquila | RLP/BlackRock Aquila Pacific Rim Equity Index | Blackrock | RLP/BlackRock Pacific Rim Equity Index |
BlackRock Aquila | RLP/BlackRock Aquila UK All Stocks Corporate Bond Index | Blackrock | RLP/BlackRock UK All Stocks Corporate Bond Index |
BlackRock Aquila | RLP/BlackRock Aquila UK Equity Index | Blackrock | RLP/BlackRock ACS UK Equity Index |
BlackRock Aquila | RLP/BlackRock Aquila US Equity Index | Blackrock | RLP/BlackRock ACS US Equity Index |
BlackRock Aquila | RLP/BlackRock Aquila World (ex UK) Equity Index | Blackrock | RLP/BlackRock ACS World (ex UK) Equity Index |
Schroder | RLP/Schroder European Opportunities | No Change | RLP/Schroder European Recovery |
Invesco Perpetual | RLP Asia Pacific Core Plus (Invesco Perpetual Asian) | Invesco | RLP Asia Pacific Core Plus (Invesco Asian) |
Invesco Perpetual | RLP Global Managed Equity Specialist (Invesco Perpetual Global Equity) | Invesco | RLP Global Managed Equity Specialist (Invesco Global Equity) |
Invesco Perpetual | RLP Japan Specialist (Invesco Perpetual Japan) | Invesco | RLP Japan Specialist (Invesco Japan) |
Invesco Perpetual | RLP UK Equity Specialist (Invesco Perpetual UK Growth) | Invesco | RLP UK Equity Specialist (Invesco UK Growth) |
Invesco Perpetual | RLP/Invesco Perpetual Corporate Bond | Invesco | RLP/Invesco Corporate Bond |
Invesco Perpetual | RLP/Invesco Perpetual Distribution | Invesco | RLP/Invesco Distribution |
Invesco Perpetual | RLP/Invesco Perpetual Global Bond | Invesco | RLP/Invesco Global Bond |
Invesco Perpetual | RLP/Invesco Perpetual High Income | Invesco | RLP/Invesco High Income |
Invesco Perpetual | RLP/Invesco Perpetual Monthly Income Plus | Invesco | RLP/Invesco Monthly Income Plus |
Invesco Perpetual | RLP/Invesco Perpetual UK Growth 'A' | Invesco | RLP/Invesco UK Growth 'A' |
Old Mutual Global Investors | RLP US Core Plus (Old Mutual North American Equity) | Merian Global Investors | RLP US Core Plus (Merian North American Equity) |
HSBC | RLP/HSBC Amanah Global Index | No Change | RLP/HSBC Islamic Global Equity Index |
HSBC | RLP/HSBC Amanah Global Index 'A' | No Change | RLP/HSBC Islamic Global Equity Index 'A' |
Baillie Gifford | RLP/Baillie Gifford Worldwide Equity (60:40) | No Change | RLP/Baillie Gifford UK and Worldwide Equity |
Baillie Gifford | RLP/Baillie Gifford Worldwide Equity (60:40) ‘A’ | No Change | RLP/Baillie Gifford UK and Worldwide Equity ‘A’ |
RLP UK Equity Core Plus (Schroder UK Equity) & (Schroder Core UK Equity) – August 2018
We’re replacing the above underlying investments and as a result, the Schroder funds will change to the RLP UK Equity Core Plus (JPM UK Equity Growth) pension fund. This change will take place week commencing 3 December 2018.
Why are we making this change?
The Schroder funds have suffered poor performance and the Royal London Investment Advisory Committee (IAC) has raised concerns about the consistent underperformance of them over significant time periods.
The JPM UK Equity Growth fund has a strong performance track record coupled with a robust investment process.
RLP/M&G Global Leaders Fund – May 2018
The RLP/M&G Global Leaders fund will merge into the RLP/M&G Global Themes fund on Friday 25th May 2018.
What’s changing?
- The fund name will change to the RLP/M&G Global Themes fund.
- The benchmark will remain as MSCI AC World Index.
- There is no change to the fund’s annual management charge (AMC).
- The M&G Global Themes fund aims to provide a higher total return (the combination of capital growth and income) than that of the MSCI ACWI Index over any five-year period.
- The M&G Global Themes fund policy is to invest at least 80% of its Net Asset Value in the equity securities of companies across any sectors and market capitalisations that are domiciled in any country, including emerging markets. The Fund may also invest in collective investment schemes, other transferable securities and may hold cash for liquidity purposes. Derivatives may be used for efficient portfolio management.
Why are M&G making this change?
Following a thorough review of the M&G Global Leaders fund, it was highlighted that it had similar characteristics to the M&G Global Themes fund. M&G consider the merger to be in the best interests of investors and the recent shareholder vote upheld the decision.
What other options are there?
If you wish, you can choose another investment option available to you. You can find full information on our fund range by visiting the investment options page. If you’re unsure about the best course of action you should speak to a financial adviser
RLP US Specialist (JP Morgan US) – April & June 2018
We are removing the RLP US Specialist (JP Morgan US) pension fund from our fund range. As an interim measure by JPMorgan Funds Limited the RLP US Specialist (JPMorgan US) fund will be merged with the RLP US Specialist (JPMorgan US Select) fund on 28 April 2018.
Then on the 18 June 2018 all assets held in the RLP US Specialist (JPMorgan US Select) fund will be moved to the RLP US Core Plus (Old Mutual North American).
Why are we making the change?
The JP Morgan fund has suffered from poor long-term underperformance and the fund’s rating was downgraded by Morningstar. Our Investment Advisory Committee (IAC) has concerns around the level of risk and positions being adopted by the fund coupled with the performance issues
Columbia Threadneedle reduction in Annual Management Charge (AMC) – January 2018
The AMC for the underlying Columbia Threadneedle Absolute Return Bond has been reduced, so we have reduced the AMC of our RLP Columbia Threadneedle Absolute Return Bond accordingly:
Fund name | Old AMC | New AMC | Additional expense | New Total Expense Ratio (TER) |
---|---|---|---|---|
RLP Columbia Threadneedle Absolute Return Bond | 1.58% | 1.38% | 0.16% | 1.54% |
2017
Fidelity reduction in Annual Management Charge (AMC) - November 2017
Due to a change to clean share classes the following Fidelity funds have reduced their Annual Management Charge (AMC) as at 27 November 2017.
Fund name | Old AMC | New AMC | Additional expense | New Total Expense Ratio (TER) |
---|---|---|---|---|
New Total Expense Ratio (TER) | 1.95% | 1.70% | 0.22% | 1.92% |
RLP/Fidelity Emerging Europe Middle East and Africa | 1.95% | 1.70% | 0.38% | 2.08% |
RLP/Fidelity Strategic Bond | 1.45% | 1.35% | 0.19% | 1.54% |
RLP/Fidelity UK Select | 1.95% | 1.70% | 0.20% | 1.90% |
RLP/Europe Core Plus (Fidelity European Blended) | 1.95% | 1.70% | 0.21% | 1.91% |
RLP/Fidelity Special Situations Blended | 1.95% | 1.70% | 0.19% | 1.89% |
RLP UK Ethical pension fund - October 2017
We are making a change to the RLP UK Ethical pension fund, the fund name will change to the RLP Sustainable Leaders pension fund along with the investment process and fund objective. This change will take place week commencing 30 October 2017.
We have issued letters (PDF) and an insert Important changes to the RLP UK Ethical pension fund (PDF) to all our customers invested in the fund detailing the change and what this means for their investment.
Why are we making this change?
We are making this change because we believe this will lead to better risk adjusted return over the long-term.
RLP US Core Plus (Fidelity American) - October 2017
We’re replacing the above underlying investment and as a result, the fund will change to RLP Europe Specialist (Columbia Threadneedle European Select) pension fund. This change will take place week commencing 30 October 2017.
We have issued letters (PDF) to all our customers invested in the fund detailing the change and what this means for their investment.
Why are we making this change?
The Neptune fund has suffered from very poor performance over the last five years. The Royal London Investment Advisory Committee (IAC) has raised concerns with the magnitude of risk taken within the fund. In addition, Morningstar have lost confidence in the manager’s ability to add value over and above the benchmark.
RLP Baillie Gifford (50:50) Worldwide Equity - August 2017
On the 25 August 2017 the RLP/Baillie Gifford (50:50) Worldwide Equity pension fund has changed its name to the RLP/Baillie Gifford (60:40) Worldwide Equity pension fund. Please note that the fund charges remain the same.
RLP Europe Specialist (Neptune European Opportunities) – October 2017
We are replacing the underlying fund held within the RLP Europe Specialist (Neptune European Opportunities) and as a result, the underlying fund will change to the Columbia Threadneedle Select fund. This change will take place week commencing 30 October 207.
Why are we making this change?
The Neptune fund has suffered from poor performance and the Royal London Investment Advisory Committee (IAC) has raised concerns about the consistent underperformance of the fund over a significant time period.
The Columbia Threadneedle Select fund has a strong performance track record coupled with a robust investment process.