19 July 2022 – A number of Threadneedle, BMO and Sanlam funds are all having their names changed. There will also be a temporary suspension of dealing in the Sanlam funds, while they are transferred to a new ‘umbrella’.
Following the merger of BMO Global Asset Management (EMEA) and Columbia Threadneedle Investments, the BMO brand has been removed.
BMO funds have changed to a ‘CT’ naming convention, and, in some instances, the fund names have also changed. For example, Chelsea Selection fund BMO European Real Estate Securities is now called CT European Real Estate Securities.
ISINs have not changing. Click here for a list of the fund name changes.
‘Threadneedle’ branded OEIC funds have also been changed to the ‘CT’ naming convention. For example, Chelsea Core Selection fund Threadneedle European Select is now called CT European Select.
Again, ISINs have not changed. Click here for a list of the fund name changes. Please note that Threadneedle SICAV funds have no name changes at this point.
A UCITS merger process has commenced for four ‘old’ Smith & Williamson sub-funds that have been managed by Sanlam Investments since February 2021. These funds will be transferring to a new umbrella on 29 July 2022.
An umbrella fund is an investment fund that contains multiple sub-funds. Its legal structure allows it to create compartments such that each sub-fund can provide different investment strategies or rights to investors. You can read more about it here.
These funds will now be moving away from the S&W Ireland domiciled umbrella (Smith & Williamson Investment Management (Ireland) Limited) into the Sanlam Ireland domiciled umbrella (Sanlam Asset Management (Ireland) Limited). As a consequence, the S&W Irish umbrella will close. The administrators will also change from BNP Paribas Fund Administration Services (Ireland) Limited to Brown Brothers Harriman Fund Administration Services (Ireland) Limited.
The four funds will change their names and ISIN codes, and there will be a temporary dealing suspension whilst this goes through from 22 July - 2 August 2022.
The affected funds are below, along with their new names.
|Old name||New name|
|Sanlam Artificial Intelligence Fund||Sanlam Global Artificial Intelligence Fund|
|Sanlam Global Inflation Linked Bond Fund||Sanlam International Inflation Linked Bond Fund|
|Sanlam Enterprise Fund||Sanlam UK Enterprise Fund|
|Sanlam Short Dated Corporate Bond Fund||Sanlam Short Duration Corporate Bond Fund|
The newly named funds will have the same investment objective, policy and strategies and will provide the same market exposure as the originally named versions. The funds will still be managed by Sanlam Investments.
All trades submitted during the trading freeze will be rejected, this is to ensure all customers are treated fairly (TCF) i.e. some electronic trading platforms require either a confirm or a rejection and by either fast or slower means of communication (e.g. fax, letter or electronic).
The dealing suspension is market standard to ensure that all subscriptions and redemptions are settled by or with the prior and outgoing administrator and no unsettled investor dealing is passed between transfer agents.