Appointment of a Sub-Investment Manager of the underlying fund of J84 Fidelity Euro Blue Chip

08 April 2019

Friends Provident International Limited (“Friends Provident International”) has been notified by FIL Investment Management (Luxembourg) S.A. (“The Company”) of the appointment of FIL (Luxembourg) S.A. as one of the sub-investment managers of the underlying fund into which J84 Fidelity Euro Blue Chip invests. FIL (Luxembourg) S.A. has also been delegated the investment management activities of the underlying fund as appropriate from time to time. These changes have come into effect from 29 March 2019 (the “Effective Date”).

Below are the key areas for your attention which we have extracted from the shareholder circular of the underlying fund of J84 Fidelity Euro Blue Chip.

Rationale for and Impact of the Changes

The management of the underlying fund is currently carried out by the investment management delegation arrangement, whereby the investment management functions are delegated by the Company to the investment manager, and further sub-delegated to the sub-investment managers listed in the Prospectus of the underlying fund.

FIL Investment International (“FII”) is one of the sub-investment managers, a company incorporated in the United Kingdom (“UK”). In addition to its investment management activities in the UK, it also has investment teams in the FII branches in Italy and Germany (the “Branches”), where FII has passported its authorisation to provide investment management activities. FIL (Luxembourg) S.A. (“FILUX”) has been licensed since 5 December 2018 to carry out investment management activities, including through its branches in Italy and Germany. In line with the FILUX Board’s decision to expand the service offering of FILUX, it has been decided to transition the investment teams from the FII branches to the FILUX branches in Italy and Germany.

FILUX will be added to the list of sub-investment managers that may manage the underlying fund from time to time. As of the Effective Date, FILUX will act as sub-investment manager of the underlying fund of J84 Fidelity Euro Blue Chip.

There will be no change in the investment teams currently in charge of the investment management activities of the underlying fund, only a change of entity in which these investment teams sit. There is no change to the investment objective, risk profile or to the fees that are currently paid of the underlying fund as a result of this change.

Should you have any questions regarding these changes, please contact International Funds & Investments.