Important information regarding your investments with Cazenove Capital. Investing for your world

Transcription

1 Important information regarding your investments with Cazenove Capital Investing for your world

2 Schroders completed the acquisition of Cazenove Capital Holdings Limited (Cazenove Capital) on 2 July As part of the integration of the two fi rms, we are making a number of changes to Cazenove Capital Irish fund range. The purpose of this brochure is to describe to you what those changes are and how they may impact you as a distributor. These include changes to fund names, fees and share classes. 2

3 With effect from 12 March 2014 The Cazenove Capital Irish fund range will move into the Luxembourg domiciled Schroder ISF 1 range. The five funds that are affected by this merger are outlined in the table below. Cazenove Capital merging fund The Cazenove Pan Europe Fund The Cazenove Multi-Asset Fund The Cazenove UK Equity Fund The Cazenove European Equity (ex UK) Fund The Cazenove Strategic Debt Fund Schroder ISF receiving fund Schroder ISF European Opportunities Schroder ISF Multi-Manager Global Diversity Schroder ISF UK Opportunities Schroder ISF European Equity (ex UK) Schroder ISF Strategic Credit Moving these funds to Luxembourg will allow us to benefit from operational efficiencies and the wide distribution network already established for Schroder ISF. The list of ISINs of the merging funds as well as the receiving funds can be found in Appendix 1. Please note that these changes are subject to shareholder approval, the dates of which can be found on the following page. 1 Schroder International Selection Fund is referred to as Schroder ISF. 1

4 Key dates for the mergers Event Date Mailing of Extraordinary General Meeting (EGM) circular 23 January 2014 Return of proxies 22 February 2014 (for EGM) 1 March 2014 (for Adjourned EGM) EGM 24 February 2014 Adjourned EGM (if required) 3 March 2014 Last day of dealing in Cazenove Capital Irish funds (subscription and redemption) Temporary dealing suspension 5 March 2014 (12.00 p.m., GMT) Merger date 12 March 2014 First day of dealing in new Schroder ISF funds (subscription and redemption) 6 March to 12 March 2014 inclusive 13 March 2014 (1.00 p.m., CET) 2

5 How the merger will take place If approved by shareholders, the Cazenove Capital Irish funds assets will be transferred to the relevant Schroder fund. Shareholders in the Cazenove Capital Irish funds will receive new shares in their relevant Schroder ISF fund. Changes for shareholders The number of the Schroder ISF fund shares that will be issued will differ from those that you own in the Cazenove Capital Irish funds. This is due to the consolidation factors used to calculate the number of shares in the Schroder ISF funds. The value of the investment may deviate slightly due to rounding, the difference in the number of decimal places used for the share price, and the number of shares in issue. 3

6 Changes to the fund range The primary investment objectives of the funds remain the same, with no change in investment criteria or strategy or fund risk profiles. The underlying portfolio managers who manage the Cazenove Capital Irish funds will continue to manage the relevant Schroder ISF funds. Key differences to note (detailed in Appendix 1): Change in regulators; from the Central Bank of Ireland to CSSF 2 Fund names and share class names Annual management charge ( AMC ) changes Investment minimums Dealing settlement date will change from T+5 to T+3 ISIN codes The new Schroder ISF funds will distribute investment income gross of expenses, which means that fund expenses will be capitalised. Please refer to Appendix 1 for further information on these changes. Changes to rebate entitlements and agreements Cazenove Capital Irish fund distributors, who are also Schroder ISF fund distributors The new Schroder ISF funds will be covered by the distributor s existing Schroder ISF rebate agreements, and these terms will prevail. Please note that this does not apply to Schroder ISF rebate agreements that have been set at the sub-fund level. In this instance, an addendum to the agreement will have to be put in place to incorporate any new sub-fund. Cazenove Capital Irish fund distributors, who are not Schroder ISF fund distributors New agreements will need to be set up. Standard Schroder ISF terms will prevail, including the process of agreeing on alternative terms to the standard Schroder ISF ones. For any queries regarding Schroder ISF rebate agreements, please contact your Local Schroders Representative, or the Client Support Manager team in Luxembourg (SimLuxCSM@Schroders.com). 2 Refers to Commission de Surveillance du Secteur Financier. 4

7 Additional information Costs of the merger Schroders will cover the costs incurred in connection with the merger and the transfer of assets (including legal advisory and administration costs, the preparation and implementation of the merger), and the final costs of winding up the merging funds. Shareholders will cover the costs associated with the transfer of assets (for example, broker transaction costs, and any taxes or duties). Are there any additional transitional considerations? If approved, shareholders will automatically take part in the merger unless they choose to redeem prior to the temporary dealing suspension period, which will be from 6 March to 12 March inclusive. If any subscriptions or redemptions are received after 5 March 2013, 12:00 (CET), they will be rejected. 5

8 Changes to terms and conditions We are harmonising the terms and conditions with those in place for other Schroder funds. The following provisions will be included from 24 March 2014: Data protection Any personal data supplied by you and any further information received or obtained in connection with and for the performance of our agreement with you will be held, used and otherwise processed for the purposes of investment administration by us, any of our associated companies and by third parties who provide services to us or any of our associated companies. Such processing may include the transfer of data out of the European Economic Area. We will not pass your personal data to any organisation unless it is necessary to fulfil our obligations under our agreement with you or where we are required to by any regulation or enactment, or with your consent. 6

9 Appendix 1 Existing Cazenove Capital Irish fund name New Schroder ISF name Existing share class name New share class name Existing ISIN code New ISIN code Existing New initial Initial charge charge Existing AMC New AMC Existing OGC 1 New OGC 1 (est) The Cazenove Pan Europe Fund Schroder ISF European Opportunities GBP A Inc GBP C Dis IE LU % up to 1% 1.00% 0.75% 1.34% 1.08% The Cazenove Pan Europe Fund Schroder ISF European Opportunities USD A Inc USD C Dis IE LU % up to 1% 1.00% 0.75% 1.34% 1.08% The Cazenove Pan Europe Fund Schroder ISF European Opportunities EUR A Inc EUR C Dis IE LU % up to 1% 1.00% 0.75% 1.34% 1.08% The Cazenove Pan Europe Fund Schroder ISF European Opportunities EUR B Inc EUR A Dis IE LU up to 5% up to 5% 1.50% 1.50% 1.84% 1.93% The Cazenove Pan Europe Fund Schroder ISF European Opportunities USD B Inc USD A Dis IE LU up to 5% up to 5% 1.50% 1.50% 1.85% 1.93% The Cazenove Pan Europe Fund Schroder ISF European Opportunities GBP X Inc GBP C Dis IE LU % up to 1% 0.75% 0.75% 1.09% 1.08% The Cazenove Pan Europe Fund Schroder ISF European Opportunities EUR X Inc EUR C Dis IE LU % up to 1% 0.75% 0.75% 1.08% 1.08% The Cazenove Pan Europe Fund Schroder ISF European Opportunities EUR X Acc EUR C Acc IE00B5M9Z717 LU % up to 1% 0.75% 0.75% 1.09% 1.08% The Cazenove Pan Europe Fund Schroder ISF European Opportunities EUR B Acc EUR A Acc IE00B5PLQ156 LU up to 5% up to 5% 1.50% 1.50% 1.85% 1.93% The Cazenove Pan Europe Fund Schroder ISF European Opportunities GBP B Inc GBP A Dis IE LU up to 5% up to 5% 1.50% 1.50% 1.85% 1.93% The Cazenove Pan Europe Fund Schroder ISF European Opportunities USD X Inc USD C Dis IE LU % up to 1% 0.75% 0.75% 1.09% 1.08% The Cazenove UK Equity Fund Schroder ISF UK Opportunities GBP A Inc GBP C Dis IE LU % up to 1% 1.00% 0.75% 1.25% 1.07% The Cazenove UK Equity Fund Schroder ISF UK Opportunities USD A Inc USD C Dis IE LU % up to 1% 1.00% 0.75% 1.25% 1.07% The Cazenove UK Equity Fund Schroder ISF UK Opportunities GBP B Inc GBP A Dis IE LU up to 5% up to 5% 1.50% 1.50% 1.73% 1.92% The Cazenove UK Equity Fund Schroder ISF UK Opportunities USD B Inc USD A Dis IE LU up to 5% up to 5% 1.50% 1.50% 1.73% 1.92% The Cazenove UK Equity Fund Schroder ISF UK Opportunities EUR B Inc EUR A Dis IE LU up to 5% up to 5% 1.50% 1.50% 1.74% 1.92% The Cazenove UK Equity Fund Schroder ISF UK Opportunities GBP X Inc GBP C Dis IE LU % up to 1% 0.75% 0.75% 1.00% 1.07% The Cazenove UK Equity Fund Schroder ISF UK Opportunities USD X Inc USD C Dis IE LU % up to 1% 0.75% 0.75% 0.99% 1.07% The Cazenove UK Equity Fund Schroder ISF UK Opportunities EUR X Inc EUR C Dis IE LU % up to 1% 0.75% 0.75% 0.97% 1.07% The Cazenove UK Equity Fund Schroder ISF UK Opportunities EUR X Acc EUR C Acc IE00B60YRM43 LU % up to 1% 0.75% 0.75% 1.01% 1.07% The Cazenove UK Equity Fund Schroder ISF UK Opportunities EUR Hedged X Acc EUR Hedged C Acc IE00B9N1G933 LU % up to 1% 0.75% 0.75% 1.01% 1.07% The Cazenove UK Equity Fund Schroder ISF UK Opportunities EUR A Inc EUR C Dis IE LU % up to 1% 1.00% 0.75% 1.25% 1.07% The Cazenove UK Equity Fund Schroder ISF UK Opportunities GBP X Acc GBP C Acc IE00BFWH2961 LU % up to 1% 0.75% 0.75% 1.00% 1.07% The Cazenove Strategic Debt Fund Schroder ISF Strategic Credit GBP A Inc GBP C Dis IE00B29MPR28 LU % up to 1% 0.75% 0.60% 0.98% 0.83% The Cazenove Strategic Debt Fund Schroder ISF Strategic Credit GBP A Acc GBP C Acc IE00B7VHMY68 LU % up to 1% 0.75% 0.60% 0.98% 0.83% The Cazenove Strategic Debt Fund Schroder ISF Strategic Credit EUR Hedged A Inc The Cazenove Strategic Debt Fund Schroder ISF Strategic Credit USD Hedged A Inc EUR Hedged C Dis USD Hedged C Dis IE00B5M9Z261 LU % up to 1% 0.75% 0.60% 0.97% 0.83% IE00B666X158 LU % up to 1% 0.75% 0.60% 0.98% 0.83% The Cazenove Strategic Debt Fund Schroder ISF Strategic Credit GBP X Inc GBP C Dis IE00B29MPT42 LU % up to 1% 0.50% 0.60% 0.73% 0.83% The Cazenove Strategic Debt Fund Schroder ISF Strategic Credit USD Hedged X Inc The Cazenove Strategic Debt Fund Schroder ISF Strategic Credit EUR Hedged X Inc USD Hedged C Dis EUR Hedged C Dis IE00B5QHJ579 LU % up to 1% 0.50% 0.60% 0.73% 0.83% IE00B3KJ3K89 LU % up to 1% 0.50% 0.60% 0.72% 0.83% The Cazenove Strategic Debt Fund Schroder ISF Strategic Credit EUR A Inc EUR C Dis IE00B29MPS35 LU % up to 1% 0.75% 0.60% 0.98% 0.83% The Cazenove Strategic Debt Fund Schroder ISF Strategic Credit EUR X Inc EUR C Dis IE00B29MPV63 LU % up to 1% 0.50% 0.60% 0.72% 0.83% The Cazenove European Equity (Ex UK) Fund Schroder ISF European Equity Ex-UK GBP A Inc GBP C Dis IE00B0189T43 LU % up to 1% 1.00% 0.75% 1.52% 1.10% The Cazenove European Equity (Ex UK) Fund Schroder ISF European Equity Ex-UK EUR A Inc EUR C Dis IE00B0189V64 LU % up to 1% 1.00% 0.75% 1.48% 1.10% The Cazenove European Equity (Ex UK) Fund Schroder ISF European Equity Ex-UK EUR B Inc EUR A Dis IE00B0189X88 LU up to 5% up to 5% 1.50% 1.50% 1.99% 1.95% The Cazenove European Equity (Ex UK) Fund Schroder ISF European Equity Ex-UK GBP Hedged X Inc GBP Hedged C Dis IE00B5MB2986 LU % up to 1% 0.75% 0.75% 1.26% 1.10% The Cazenove European Equity (Ex UK) Fund Schroder ISF European Equity Ex-UK EUR X Inc EUR C Dis IE00B0189Z03 LU % up to 1% 0.75% 0.75% 1.26% 1.10% The Cazenove European Equity (Ex UK) Fund Schroder ISF European Equity Ex-UK GBP B Inc GBP A Dis IE00B0189W71 LU up to 5% up to 5% 1.50% 1.50% 1.99% 1.95% The Cazenove European Equity (Ex UK) Fund Schroder ISF European Equity Ex-UK GBP Hedged B Inc GBP Hedged A Dis IE00B5NC1606 LU up to 5% up to 5% 1.50% 1.50% 1.99% 1.95% The Cazenove European Equity (Ex UK) Fund Schroder ISF European Equity Ex-UK GBP X Inc GBP C Dis IE00B0189Y95 LU % up to 1% 0.75% 0.75% 1.26% 1.10% The Cazenove Multi-Asset Fund The Cazenove Multi-Asset Fund Schroder ISF Multi-Manager Global Diversity Schroder ISF Multi-Manager Global Diversity USD A Inc USD A Dis IE00B8ZS3V68 LU % up to 4% 1.00% 1.00% 1.98% 2.01% USD X Inc USD C Dis IE00B96XR820 LU % up to 1% 0.50% 0.50% 1.48% 1.51% Notes: Dealing cut off for all Irish funds is 12.00pm GMT. All Luxembourg funds are 1.00pm CET (with the exception of Multi-Manager Global Diversity, which will be T-1) 1 OGC refers to Ongoing Management Charges 7

10 Why Schroders? Schroders is an independent, dedicated asset manager with a strong heritage and culture based on over 200 years experience of investment markets. Listed in the UK, we benefit from a strong balance sheet and a stable ownership structure, which allows us to focus entirely on delivering results for our clients. With billion funds under management and an international network spanning 37 offices in 27 countries, Schroders has the perspective and expertise to identify major investment potential wherever it is located. To find out more go to or speak to your local representative. Please remember, the value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Past performance is not a guide to future performance and may not be repeated. Source: Schroders as at 30 September Important Information: The views and opinions contained herein are those of Schroders, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. This document is intended to be for information purposes only and it is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. No responsibility can be accepted for errors of fact or opinion. Reliance should not be placed on the views and information in the document when taking individual investment and/or strategic decisions. Issued by Schroder Investment Management Limited, 31 Gresham Street, London EC2V 7QA, which is authorised and regulated by the Financial Conduct Authority. For your security, communications may be taped or monitored. w