Changes to the underlying fund of J42 JPM USD Money Market
19 September 2018
Friends Provident International Limited (“Friends Provident International”) has been notified by JPMorgan Asset Management (“The Company”) of the following various underlying fund changes, which will take place on 03 December 2018 (the “Effective Date”).
The underlying fund into which J42 JPM USD Money Market invests will undergo a name change, which is detailed in the table below. The Company has stated the following:
“As a result of the implementation of Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on Money Market Funds (the “Regulation”), the money market product range of JPMF was reviewed in order to ensure compliance with the Regulation. The board of directors of JPMF has decided that it is in the best interests of shareholders for the Underlying Fund to be reclassified as a Short-Term Variable Net Asset Value Money Market Fund. From the Effective Date, the Underlying Fund will be renamed as “JPMorgan Funds - USD Money Market VNAV Fund”.
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Before the Effective Date |
From the Effective Date |
|
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Mirror Fund Name and Code |
J42 JPM USD Money Market |
J42 JPM USD Money Market VNAV |
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Name of the corresponding underlying fund |
JPMorgan Funds – US Dollar Money Market Fund |
JPMorgan Funds – USD Money Market VNAV Fund |
The underlying fund into which J42 JPM USD Money Market invests will also undergo amendments to the investment objective, as detailed in the table below.
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Investment Objective Before the Effective Date |
Investment Objective From the Effective Date |
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The Sub-Fund seeks to achieve a return in the Sub-Fund’s Base Currency in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity, by investing in USD-denominated short-term debt securities. |
The Sub-Fund seeks to achieve a return in the Sub-Fund’s Base Currency in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity, by investing in USD-denominated short-term Money Market Instruments, eligible securitisations, Asset-Backed Commercial Paper, deposits with credit institutions and Reverse Repurchase Transactions. |
Should you have any questions regarding these changes, please contact International Funds & Investments.