Changes to our fund range

View the fund changes we've made as part of our ongoing governance reviews.

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.

Recent fund changes

The following funds and fund managers will change their name in October. Please note that the fund charges remain the same.

Old Fund Manager NameOld Fund NameNew Fund Manager NameNew 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
Letter

Please see an example of this letter here.

Columbia Threadneedle, the manager of the underlying asset has closed this fund effective 26 July 2019. As a result, we’re switching existing and future plan investments into the RLP Absolute Return Government Bond fund.

We have written to all affected policyholders informing them of the change and how their investment is affected

Why are we making this change?

After reviewing their range of funds, Columbia Threadneedle Investments, the manager of the underlying asset, decided to close the fund due to its relatively small size, giving the following explanation:

“The Fund’s assets have fallen to a level which makes it economically unviable to manage and we consider that the Fund is unlikely to attract new investors. On this basis, we believe closure of the Fund is in the best interests of investors and we have received permission from the Financial Conduct Authority to take this action.”

As the underlying asset is no longer available, we have chosen to switch your investment to the RLP Absolute Return Government Bond fund as we believe this provides the closest match to your current investment and is also available at a lower charge.

More information about this fund change can be found in the letter attached.

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.  

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

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 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 NameOld Fund NameNew Fund Manager NameNew 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’

 

Letter

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

What’s changing?

  • The fund name will change to the RLP UK Equity Core Plus (JPM UK Equity Growth)
  • The Annual Management Charge (AMC) will remain at 1.70%
  • The fund’s investment objective is to provide long-term capital growth through investment primarily in a growth style biased portfolio of UK companies.


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.

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 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.

What's changing?

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:

  • The Annual Management Charge (AMC) will reduce to 1.45%.
  • The fund objective will change to invest in a portfolio of North American securities.

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.

Why are we making this change?

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 nameOld AMCNew AMCAdditional expenseNew Total Expense Ratio (TER)
RLP Columbia Threadneedle Absolute Return Bond 1.58% 1.38% 0.16% 1.54%

January 2018

Historic fund changes

For older fund changes go to our page of Historic fund changes.

Important note

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.

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.