Proposed liquidation - Amundi Islamic Funds

Background to the proposal

Amundi Funds (“Amundi”) has announced its intention to liquidate its Islamic BRIC Quant, Islamic Global Resources & Islamic Asia Pacific Quant funds (the “liquidating funds”) due to their relatively small assets under management. An extraordinary general meeting ("EGM") of shareholders will take place on 4 September 2019, upon which the resolution to dissolve the funds will be decided. At this stage we do not know what the liquidation date might be, but it could be as early as the date of the EGM. 

Amundi has now closed the funds to subscriptions, therefore, with immediate effect we can no longer accept new business, top-ups or switches into the funds. The funds will be removed from our guided-fund ranges.

Action we have taken for our guided-architecture plan owners

We have decided to take pre-emptive action ahead of the EGM for our plan owners and switch their holdings to an alternative fund with an effective date of 2 September 2019. This is to avoid their proceeds being potentially tied up in a lengthy liquidation process (at this stage we don't know how long this could take). We believe this action is in the best interest of plan owners because, even if the proposed liquidation fails to pass at this EGM, there is a high likelihood that the liquidation could occur at some point in the future. 

We have written to our guided-architecture plan owners, or their appointed investment adviser, who are impacted by the above informing them of the action we have taken and their option for switching to a new fund if they prefer. Servicing financial advisers will receive a sample of the letter for their information. 

Samples of the policyholder and investment adviser mailings can be found opposite, along with the Amundi notification. 
 

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For more information about Amundi Asset Management visit www.amundi.lu