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Royal & Sun unit trusts to start merger

Royal & Sun Alliance Unit Trust Management is set to start merging its range of 17 unit trusts from this April.

The first mergers will be of the £36m Sun Alliance European Trust and the £79m Royal & Sun Alliance European Trust.

The £21m Royal Life International speculative trust will merge with the £84m Royal & Sun Alliance international growth trust.

Subject to unitholder approval, the mergers will take place on April 7. The Royal & Sun Alliance name will be kept for the new funds.

The two enlarged trusts will continue to be managed by Davina Curling and Tim Scholefield respectively.

Royal Insurance and Sun Alliance merged in 1996. Their respective fund management arms, Sun Alliance Unit Trust Management and Royal Life Fund Management, were merged last October.

R&SA expects to merge many of its remaining 17 unit trusts later this year.

Marketing and sales manager Keith Luckhoo says: “The decision to merge the two European trusts was relatively straightforward as they had broadly similar investment objectives.

“In the case of the two international trusts, we have decided to move the International Speculative Trust into the much larger International Growth Trust.”

He claims this was because the life office felt that the additional potential return available with the International Speculative Trust did not equate with the additional level of risk involved in such an investment.

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