Notification of closure of Quilter Cheviot funds

19 Feb 2025

Notification of closure of investment-linked policy (“ILP”) sub-funds:

• R206 Quilter Cheviot International Balanced Portfolio (USD)
• R207 Quilter Cheviot International Balanced Portfolio (GBP HDG)
• R208 Quilter Cheviot International Balanced Portfolio (SGD HDG)
• R209 Quilter Cheviot International Growth Portfolio (USD)
• R210 Quilter Cheviot International Growth Portfolio (GBP HDG)
• R211 Quilter Cheviot International Growth Portfolio (SGD HDG)

(together the “Affected ILP sub-funds”)

We have received notification from Quilter Investors Limited, the Investment Manager of Quilter Investors ICAV (the “Underlying Fund Umbrella”), of its intention to close the underlying funds of the Affected ILP sub-funds, by way of a merger into newly established funds (the “Receiving Underlying Funds”) under the MontLake UCITS Platform ICAV (the “Receiving Underlying Funds Umbrella”). 

We do not have the proposed Receiving Underlying Funds, or the Receiving Underlying Funds Umbrella, within the FPIL ILP sub-fund range. Accordingly, we have taken the decision to close the Affected ILP sub-funds ahead of the underlying funds redemption deadline of 21 March 2025. They will be removed from the FPIL fund range from 20 March 2025 (the “Effective Date”).

We will switch existing holdings in the Affected ILP sub-funds, and where applicable will redirect future regular premium payments, into the following alternative ILP sub-funds:

We select Default Replacement ILP sub-funds based on various factors, which include but are not limited to, (1) investment objective and strategy, (2) assets mix, (3) risk profile and (4) currency denomination.

Please refer to the Appendix in the sample client communication opposite for comparative information between the Affected ILP sub-funds and the corresponding Default Replacement ILP sub-funds.

With immediate effect, only continuing regular contributions will be permitted into the Affected ILP sub-funds. No new single or regular contributions will be permitted into the Affected ILP sub-funds, whether from new or existing investors.

Any premium allocation which would usually be applied to one or more of the Affected ILP sub-funds will be automatically redirected to the corresponding Default Replacement ILP sub-fund with effect 14 March 2025 (the “Redirection Date”). 

All holdings in the Affected ILP sub-funds will be switched into the corresponding Default Replacement ILP sub-funds from the Effective Date.

These changes will happen automatically within affected policies/contracts and policyholders do not need to take any action if they agree with the choice of Default Replacement ILP sub-fund(s) that we have selected. 

Policyholders can choose to switch their current holdings, and/or redirect regular contributions if applicable, into different ILP sub-fund(s) in the FPIL range. This can be done at any time, however in order to override the transfer of existing holdings to the Default Replacement ILP sub-fund(s), we require alternative instructions by 3pm UK time on 13 March 2025.

Factsheets for the available FPIL ILP sub-funds can be found via our interactive Fund Centre research tool. Full details on the underlying funds into which the FPIL ILP sub-funds invest can be found in the corresponding fund prospectus, which is available on request from the respective fund manager.

Whilst appropriate due diligence has been carried out on the Default ILP-sub-funds we do not accept any liability for the future performance of these, or any other FPIL ILP sub-fund. 

Should you have any questions regarding this notification, please contact the Investment Marketing Team.