Closure of JPM US Small Cap Growth Fund
We regularly review the funds available to our defined fund range to ensure plan owners continue to have access to a high quality and diverse range of funds, to help meet their investment goals. The review process considers the performance and risk profile of funds within the range to determine whether they continue to provide the right outcomes for investors and remain appropriate for the product.
We have recently completed a review of our North American Equity sector in the range and as a result of the review, we have made the decision to remove one fund, the JPM US Small Cap Growth (the “Closing Fund”), from this sector.
What does this mean?
With immediate effect, the Closing Fund is no longer open to new business or switches-in.
We have selected an alternative fund (the “Receiving Fund”) that holdings will be switched into automatically (including redirection of any regular payment allocation) on 28 November 2023. Plan owners can remain invested in the Closing Fund until the date we switch holdings. The details of the Closing Fund and the Receiving Fund can be found in the table below:
| Closing Fund | ISIN | OCF* | Receiving Fund | ISIN | OCF* |
|---|---|---|---|---|---|
| JPM US Small Cap Growth A Acc USD | LU0210535976 | 1.72% | T. Rowe Price US Smaller Companies Equity A Acc USD | LU0133096635 | 1.69% |
*Ongoing Charge ("OCF") includes the Annual Management Charge plus other operational expenses, so better reflects the total costs applied to the fund. Correct as at 18 September 2023.
If plan owners are happy with our choice of Receiving Fund then they do not need to do anything. However, if plan owners would prefer to switch to a different fund, it's free of charge and very easy to do. Plan owners may want to discuss the options with their financial adviser before deciding. Switches can be submitted by completing and returning a Fund switch instruction form or, if registered for online switching, conducting a switch online fast and efficiently.
More information for the Closing Fund and the Receiving fund can be obtained from the Documents tab of the relevant product fund centre at www.rl360.com/fundcentres. Documents include factsheet, prospectus and Key investor information document which details charges, fund objective and strategy and risks associated to the funds.
We have notified impacted plan owners, or appointed investment advisers if one has been appointed. A sample communication can be found opposite.