Standard Life Investments has confirmed it is to merge almost all the retail funds it took over last year after the acquisition of Ignis Asset Management.
As of 23 October, 11 Ignis funds will be merged into Standard Life Investment’s counterparts including the £258m Corporate Bond, £178m Managed Portfolio, £121m Balanced Growth, £108m American Growth and the £113m UK Equity Income funds. The mergers are subject to shareholder approval.
Only the £535m Ignis Absolute Return Government Bond fund will not be part of the merger because it is “very different from any other of SLI’s funds”, a company spokesperson said. The fund will continue to be run separately within the company’s multi-asset team.
SLI has not yet decided how the funds’ management will be split across the teams but says trading in the new SLI funds will resume on 26 October.
The integration of the Ignis funds had been overseen by former chief investment officer of Ignis, Chris Fellingham, who stepped down from the firm in August.
SLI acquired Ignis Asset Management for £390m in March 2014, boosting the firm’s assets in the first half of the year to more than £5bn.
|Ex-Ignis Fund||Funds Absorbing Ex-Ignis Portfolios|
|SLI Ignis American Growth fund||SLI American Equity Unconstrained fund|
|SLI Ignis Balanced Growth fund||SLI UK Equity High Alpha fund|
|SLI Ignis Corporate Bond fund||SLI Corporate Bond fund|
|SLI Ignis European Growth fund||SLI European Equity Growth fund|
|SLI Ignis European Smaller Companies fund||SLI Europe ex UK Smaller Companies fund|
|SLI Ignis Global Growth fund||SLI Global Equity Unconstrained fund|
|SLI Ignis High Income Bond fund||SLI Higher Income fund|
|SLI Ignis Managed Portfolio fund||SLI MyFolio Managed IV fund|
|SLI Ignis Pacific Growth fund||SLI Asian Pacific Growth fund|
|SLI Ignis Smaller Companies fund||SLI UK Smaller Companies fund|
|SLI Ignis UK Equity Income fund||SLI UK Equity High Income fund|