Recent fund changes
We are removing the RLP US Specialist (JP Morgan US) pension fund from our fund range. As an interim measure by JPMorgan Funds Limited the RLP US Specialist (JPMorgan US) fund will be merged with the RLP US Specialist (JPMorgan US Select) fund on 28 April 2018.
Then on the 18 June 2018 all assets held in the RLP US Specialist (JPMorgan US Select) fund will be moved to the RLP US Core Plus (Old Mutual North American).
We have issued letters to all our customers invested in the fund detailing the change and what this means for their investment.
Why are we making the change?
The JP Morgan fund has suffered from poor long-term underperformance and the fund’s rating was downgraded by Morningstar. Our Investment Advisory Committee (IAC) has concerns around the level of risk and positions being adopted by the fund coupled with the performance issues.
The AMC for the underlying Columbia Threadneedle Absolute Return Bond has been reduced, so we have reduced the AMC of our RLP Columbia Threadneedle Absolute Return Bond accordingly:
Fund name Old AMC New AMC Additional expense New Total Expense Ratio (TER) RLP Columbia Threadneedle Absolute Return Bond 1.58% 1.38% 0.16% 1.54%
Due to a change to clean share classes the following Fidelity funds have reduced their Annual Management Charge (AMC) as at 27 November 2017:
Fund name Old AMC New AMC Additional expense New Total Expense Ratio (TER) RLP/Fidelity Asia 1.95% 1.70% 0.22% 1.92% RLP/Fidelity Emerging Europe Middle East and Africa 1.95% 1.70% 0.38% 2.08% RLP/Fidelity Strategic Bond 1.45% 1.35% 0.19% 1.54% RLP/Fidelity UK Select 1.95% 1.70% 0.20% 1.90% RLP/Europe Core Plus (Fidelity European Blended) 1.95% 1.70% 0.21% 1.91% RLP/Fidelity Special Situations Blended 1.95% 1.70% 0.19% 1.89%