Funds on our range are subject to change. If the change significantly affects what the fund can invest in or the specific risks associated with the fund then we will write to you and your client in advance.
All other changes will be updated in the fund factsheet and our marketing material.
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.
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.
The RLP Emerging Markets Equity Tracker fund is changing its name to RLP Emerging Markets ESG Leaders Equity Tracker fund. The name change will take effect week commencing 18 March 2019
Why are we making this change?
The fund is benchmarked against an MSCI Index and MSCI have changed the name of the index and we have changed our fund name to reflect this. The fund will continue to track the same index but the name has been updated to include ‘Leaders’.
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’
You may have received a letter that referred to the fund name as ‘RLP US…’ instead of ‘RLP UK…’ Please be assured that we corrected this before the policyholder letters were issued.
We are replacing the underlying fund held within the RLP UK Equity Core Plus (Schroder UK Equity) pension fund and the RLP UK Equity Core Plus (Schroder Core UK Equity) pension fund. These are both Matrix Funds, a group of equity funds categorised by sector and risk relative to a benchmark index. As a result, the underlying fund for both will change to the RLP UK Equity Core Plus (JPM UK Equity Growth) pension fund from the week commencing 3 December 2018.
We have written to all affected policyholders informing them of the change and how their investment is affected
Why are we making this change?
The Royal London Investment Advisory Committee (IAC) raised concerns about the consistent underperformance of the Schroder funds over significant time periods. After extensive analysis into alternative funds, the IAC has decided it is appropriate to replace the underlying fund with the JPM UK Equity Growth fund.
The JPM UK Equity Growth fund has a strong performance track record coupled with a robust investment process.
M&G Investments are merging the RLP/M&G Global Leaders fund into the RLP/M&G Global Themes fund. The change to the fund will take effect on Friday 25th May 2018.
Why are M&G Investments 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.
Following approval from our Investment Advisory Committee (IAC), we issued letters to all our customers invested in the RLP US Specialist (JPMorgan US) fund, to let them know that in June 2018, their assets would be moved to the RLP US Core Plus (Old Mutual North American) fund.
JPMorgan Funds Limited recently announced their intention to merge the JPMorgan US fund with the JPMorgan US Select fund. This merger will occur on 28 April 2018; before the movement of assets to the Old Mutual fund in June.
In accordance with the merger, on 28 April 2018 the underlying investment for the RLP US Specialist fund will change from JPMorgan US to JPMorgan US Select. This will result in the following changes:
Following due consideration of the JPM US Select fund and as per our recent correspondence, the assets will be moved to the RLP US Core Plus (Old Mutual North American) in the week commencing 18 June 2018.
The JPM US fund had suffered from poor long-term underperformance and sector positioning on a risk-adjusted basis. The fund’s rating was downgraded by Morningstar. The Royal London Investment Advisory Committee (IAC) raised concerns and felt recent performance provided no comfort of an upturn.
After extensive research the committee agreed with the recommendation to place the assets held in the RLP US Specialist (JPM US) fund into the RLP US Core Plus (Old Mutual North American) fund.
The movement of assets to the Old Mutual fund will proceed despite the merger of the JPMorgan US and the JPMorgan US Select fund on 28 April.
The Old Mutual North American is silver rated by Morningstar and has a strong performance track record coupled with a robust investment process.
You should be mindful that the value of your client's investment can go down as well as up, which may mean they could get back less than the amount invested.
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%|
For older fund changes go to our page of Historic fund changes.
While we make every effort to contact all affected customers about these changes, it's important that you check if any of your clients are invested in these funds and discuss any changes they may want to make as a result.