| Change Details | |
|---|---|
| Title | Legal & General (Unit Trust Managers) Limited |
| Type | Other events |
| Companies Impacted | Quilter Life & Pensions Limited Quilter Investment Platform Limited |
| Effective Date | 12 April 2024 |
| Change Details | Name, Investment Policy and Fund Management Fee changes |
| 1. Fund details | |
| Companies impacted | Quilter Life & Pensions Limited Quilter Investment Platform Limited |
| Fund Group | Legal & General (Unit Trust Managers) Limited |
| Fund Name | L&G UK Property Feeder |
| Type of change | Name, Investment Policy and Fund Management Fee changes |
| Date change effective from | 12 April 2024 |
| Is the event subject to shareholder approval? | Yes |
| 2. Name change details | |
| Previous fund name | L&G UK Property Feeder |
| New fund name | L&G Property Feeder |
| 3. Investment Policy | |
| Previous investment policy | The fund will invest a minimum of 60% of its assets directly in commercial property and will aim to diversify risk by seeking exposure across a range of sectors of the UK commercial property market (including but not limited to retail, offices, industrial, leisure and healthcare). The fund may, from time to time, seek diversification by investing in the Isle of Man and the Channel Islands however at least 80% of the value of the properties will be situated in the UK. The fund typically invests at least 80% of its assets directly in property. However, it may reduce this level (to no lower than 60%) from time to time if it believes it is in the interests of maintaining liquidity and performance. The fund may invest up to 20% of its assets in residential properties. The fund may also develop properties with the intention of enhancing their capital value and/or income return. The fund may also invest in other UK property-related assets (including property-related transferable securities (such as real estate investment trusts) and property-related collective investment schemes), money-market instruments (such as treasury bills), cash, permitted deposits, bonds (issued by governments and public bodies) and money-market-related collective investment schemes. The collective investment schemes in which the fund invests may include those managed or operated by the ACD or an associate of the ACD. The fund may only use derivatives for the purposes of Efficient Portfolio Management. |
| New investment policy | The fund will invest at least 60% of its assets in property and property-related assets. Although the fund’s investment in property and property-related assets is typically expected to be in the region of 80% - 90% of the fund’s assets, this may vary as a result of factors such as market conditions. The fund may obtain its exposure through a combination of direct and indirect holdings with exposure across industry sectors (including but not limited to retail, offices, industrial, leisure, healthcare and residential) and geographies. The fund’s direct holdings, which will typically consist of around 45% of the fund's assets, will be in property located in the UK. The fund intends to purchase, hold and, where relevant, develop such properties with the intention of enhancing their capital value and/or income return. The fund may obtain indirect exposure to property through listed transferable securities (such as real estate investment trusts) and collective investment schemes. The fund may also invest in money-market instruments (such as treasury bills), permitted deposits, bonds (issued by governments and public bodies), money market funds and cash. The collective investment schemes in which the fund invests may include those managed or operated by the ACD or an associate of the ACD. The fund may only use derivatives for the purposes of Efficient Portfolio Management. |
| 4. Change to charging structure | |
| Bundled Fund | |
| Previous FMF | 1.50% |
| New FMF | 1.30% |
| Previous OCF (including 0.91% Property Expense Ratio) | 2.41% |
| New OCF (including 0.91% Property Expense Ratio) | 2.21% |
| Current Trail Commission (Charge Basis 1) | 0.35% |
| New Trail Commission (Charge Basis 1) | 0.35% |
| Previous Reimbursed Amount (Charge Basis 2) | 0.35% |
| New Reimbursed Amount (Charge Basis 2) | 0.35% |
| Previous Reimbursed Rebate Rate (Charge Basis 3) | 0.75% |
| New Reimbursed Rebate Rate (Charge Basis 3) | 0.55% |
| Unbundled Fund | |
| Previous FMF | 0.75% |
| New FMF | 0.55% |
| Previous OCF (including 0.91% Property Expense Ratio) | 1.66% |
| New OCF (including 0.91% Property Expense Ratio) | 1.46% |
| 1. Fund details | |
| Companies impacted | Quilter Life & Pensions Limited Quilter Investment Platform Limited |
| Fund Group | Legal & General (Unit Trust Managers) Limited |
| Fund Name | L&G UK Property PAIF |
| Type of change | Name, Investment Policy and Fund Management Fee changes |
| Date change effective from | 12 April 2024 |
| Is the event subject to shareholder approval? | Yes |
| 2. Name change details | |
| Previous fund name | L&G UK Property PAIF |
| New fund name | L&G Property PAIF |
| 3. Investment Policy | |
| Previous investment policy | The fund will invest a minimum of 60% of its assets directly in commercial property and will aim to diversify risk by seeking exposure across a range of sectors of the UK commercial property market (including but not limited to retail, offices, industrial, leisure and healthcare). The fund may, from time to time, seek diversification by investing in the Isle of Man and the Channel Islands however at least 80% of the value of the properties will be situated in the UK. The fund typically invests at least 80% of its assets directly in property. However, it may reduce this level (to no lower than 60%) from time to time if it believes it is in the interests of maintaining liquidity and performance. The fund may invest up to 20% of its assets in residential properties. The fund may also develop properties with the intention of enhancing their capital value and/or income return. The fund may also invest in other UK property-related assets (including property-related transferable securities (such as real estate investment trusts) and property-related collective investment schemes), money-market instruments (such as treasury bills), cash, permitted deposits, bonds (issued by governments and public bodies) and money-market-related collective investment schemes. The collective investment schemes in which the fund invests may include those managed or operated by the ACD or an associate of the ACD. The fund may only use derivatives for the purposes of Efficient Portfolio Management. |
| New investment policy | The fund will invest at least 60% of its assets in property and property-related assets. Although the fund’s investment in property and property-related assets is typically expected to be in the region of 80% - 90% of the fund’s assets, this may vary as a result of factors such as market conditions. The fund may obtain its exposure through a combination of direct and indirect holdings with exposure across industry sectors (including but not limited to retail, offices, industrial, leisure, healthcare and residential) and geographies. The fund’s direct holdings, which will typically consist of around 45% of the fund's assets, will be in property located in the UK. The fund intends to purchase, hold and, where relevant, develop such properties with the intention of enhancing their capital value and/or income return. The fund may obtain indirect exposure to property through listed transferable securities (such as real estate investment trusts) and collective investment schemes. The fund may also invest in money-market instruments (such as treasury bills), permitted deposits, bonds (issued by governments and public bodies), money market funds and cash. The collective investment schemes in which the fund invests may include those managed or operated by the ACD or an associate of the ACD. The fund may only use derivatives for the purposes of Efficient Portfolio Management. |
| 4. Change to charging structure | |
| Unbundled Fund | |
| Previous FMF | 0.75% |
| New FMF | 0.55% |
| Previous OCF (including 0.91% Property Expense Ratio) | 1.66% |
| New OCF (including 0.91% Property Expense Ratio) | 1.46% |