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F&C proposes Oeic rationalisations

F&C has announced a rationalisation of its Oeic range, which will see eight funds closed and their assets merged into similar mandates.

Subject to unitholder approval, the group will close the Emerging Markets ex Pacific Asia, European Dynamic, FTSE 100 Tracker, Japan Growth, Latin American Equity, Managed Balanced, Managed Distribution and UK Dynamic funds.

In total these funds are worth £225.7m in assets under management. The biggest is the £103.8m Japan Growth fund, managed by Stefan Bain. If unitholders agree at extraordinary general meeting on June 10, this fund will be merged into the £254.4m Pacific Growth fund, run by Mike Hanbury Williams.

Elsewhere, the Emerging Markets ex Pacific Asia and Latin American Equity funds will both be merged into the Emerging Markets fund, while European Dynamic will go into European Growth & Income.

Catherine Stanley’s £35m UK Dynamic fund will be merged into the £70m UK Equity fund run by Peter Lees. Managed Balanced is set to go into Managed Growth, while 60% of the assets of Managed Distribution will be merged into UK Equity Income and 40% will go into the Strategic Bond fund. Finally, the FTSE 100 Tracker will be merged into the FTSE All-Share Tracker.

According to a statement from F&C, the funds to be merged have “limited scope for attracting new investments by virtue of their current small size and relatively narrow investment focus”. As a result, F&C expects each of these funds to contract further in size over the next few years.

F&C will write to shareholders about the proposed closures on May 21, and if approved, the changes will take place over the weekend of June 27 and 28.


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