Notification of closure of Ninety One Multi Asset Protector mirror funds

11 Apr 2025

• R82 Ninety One Multi Asset Protector
• Z62 Ninety One Multi Asset Protector *

(together the “Affected Mirror Funds”)

We have received notification from Ninety One Fund Managers UK Limited (the “Company”) of its intention to close the underlying fund of the Affected Mirror Funds, by way of merger into another Ninety One Fund, Ninety One Diversified Income Fund (the “Proposed Receiving Fund”).

We do not hold the Proposed Receiving Fund within the FPIL mirror fund range. Accordingly, we have taken the decision to close the Affected Mirror Funds ahead of the underlying fund’s redemption deadline of 15 May 2025. They will be removed from the FPIL mirror fund range from 15 May 2025 (the “Effective Date”).

We will switch existing holdings in the Affected Mirror Funds, and where applicable will redirect future regular premium payments, into the following alternative mirror funds: 

We select Default Replacement Mirror Funds based on various factors, which include but are not limited to, (1) investment objective and strategy, (2) assets mix, (3) risk profile and (4) currency denomination.

Please refer to the Appendix in the sample client communications opposite for comparative information between the Affected Mirror Funds and the Default Replacement Mirror Funds for each region.

Whilst appropriate due diligence has been carried out on the Default Replacement Mirror Funds we do not accept any liability for the future performance of these, or any other FPIL mirror fund.

From the date of this letter, only continuing regular contributions will be permitted into the Affected Mirror Funds. No new single or regular contributions will be permitted into the Affected Mirror Funds, whether from new or existing investors.

Any premium allocation which would usually be applied to the Affected Mirror Funds will be automatically redirected to the relevant Default Replacement Mirror Fund as shown above with effect 9 May 2025 (the “Redirection Date”). 

All holdings in the Affected Mirror Funds will be switched into the relevant Default Replacement Mirror Fund from the Effective Date.

These changes will happen automatically within affected policies/contracts and policyholders do not need to take any action if they agree with the choice of Default Replacement Mirror Fund that we have selected. 

Policyholders can choose to switch their current holdings, and/or redirect regular contributions if applicable, into different mirror funds in the relevant FPIL range for their region. This can be done at any time, however, in order to override the transfer of existing holdings into the Default Replacement Mirror Funds, we require alternative instructions by 3pm UK time on 8 May 2025. 

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 this notification, please contact the Investment Marketing Team.

*Fund applicable to Hong Kong designated policyholders. Hong Kong designated policyholder assets were moved into new fund code prefix funds as part of regulatory requirements to segregate Hong Kong designated assets from other jurisdictions.