Notification of changes to the underlying funds of abrdn funds
22 Apr 2024
R143 abrdn SICAV I All China Sustainable Equity (USD)
R111 abrdn SICAV I Asia Pacific Sustainable Equity (USD)
R128 abrdn SICAV I Indian Equity (USD)
R144 abrdn SICAV I Global Innovation Equity (USD)
(Together the “Affected ILP sub-funds”)
We have been notified by the Board of Directors of abrdn SICAV I (the “Company”) of the following upcoming changes to the Company and to the underlying funds of the investment-linked sub-funds ("ILP sub-funds") named above. These changes will take effect from 16 May 2024 (the “Effective Date”).
Summary
In order to offer greater flexibility, efficiency and increased transparency to investors, from the Effective Date the Company will introduce a new framework to the underlying funds of the Affected ILP sub-funds, by which Investment Managers and/or Sub-Investment Managers from a defined list, may be appointed or removed without the current requirement to update the underlying fund Prospectus and issue notice (the “New Delegation Framework”).
Background
The Company has established a global network of investment management entities (“Investment Managers”) through which the Management Company (the “Management Company”) obtains active investment advisory and management services to manage its funds. Investment Managers are responsible for day-to-day management of the Company’s funds’ portfolios in accordance with the stated investment objectives and policies. The Company’s funds benefit from the depth and interaction of this global investment advisory network and enjoy the advantages of having specialist personnel who have local expertise and timely access to the latest local market information.
The New Delegation Framework will enable the Management Company to appoint or remove Investment Managers belonging to abrdn Group and the Investment Managers to, from time to time, appoint or remove additional entities of the abrdn Group to assist with portfolio management, without the current requirement to update the Prospectus and issue a notice.
No one month prior notice will be required provided that (1) such appointment will have no significant impact on the way the relevant fund is being managed, (2) no additional fees will be charged to the relevant fund, as any additional entities will be remunerated by the relevant Investment Manager out of the Investment Management Fee, and (3) the additional entity is a current abrdn Group entity disclosed in the underlying fund Prospectus.
Introduction of the New Delegation Framework to the underlying funds of the Affected ILP sub-funds
From the Effective Date, up-to-date information on the appointed abrdn Group entities for the respective underlying fund of the Affected ILP sub-funds will be made available at www.abrdn.com under ”Fund Centre”.
The list of abrdn Group entities which can be appointed is set out in the Sample Client Communication opposite, and will be disclosed in the main part of the underlying fund Prospectus in the “Management and Administration” section along with full entity details.
These changes have happened automatically within affected policies and policyholders do not need to take any action.
We have contacted impacted policyholders and their financial advisers to notify them of the changes; primarily by e-shot, with letters sent by post where we do not hold a valid email, and to those who prefer to receive letters by post.
Should you have any questions regarding these changes, please contact the Investment Marketing Team.
