4th April 2016 - Phoenix Fund Services (UK) Limited (PFS), the Authorised Corporate Director (ACD) for a number of funds, was purchased by Maitland International Holdings Plc in April 2015.
A year on, the company has decided to change the prefix of the funds for which it provides administaration services from PFS to MI.
Two funds on the Chelsea Selection will see their names changed to: MI Somerset Emerging Market Dividend Growth and MI TwentyFour Dynamic Bond. Numerous other funds available on the Chelsea FundStore will also have their names changed.
The fund management teams and investment processes remain unchanged. The change is simply one to the name of the funds.
An ACD provides fund set-up, fiduciary oversight and fund administration services to traditional fund managers.
The deal boosted Maitland’s assets under administration by £6.2 billion to over £135 billion and heralded the company's entry into the fund administration sector in the UK, where it already had an established private client and corporate services business.