State Street hat uns darüber informiert, dass folgende Fonds zum 04. Mai 2015 fusionieren. Dies bedeutet, dass die Anteile des „abgebenden Fonds“ in einem von der KVG vorgegebenen Verhältnis in den „aufnehmenden Fonds“ aufgehen. Dieses Umtauschverhältnis wird von der KVG am Fusionstag bekannt gegeben.
| Abgebender Fonds | ISIN | Aufnehmender Fonds | ISIN |
|---|---|---|---|
| SSgA Europe Alpha Equity Fund I | FR0000027369 | State Street Europe Equity Fund | LU1112177180 |
Die letzte Ausgabe des „abgebenden Fonds“ findet über die FFB am 20. April 2015 statt. Die letzte Rücknahme des „abgebenden Fonds“ findet über die FFB am 20. April 2015 statt.
Bei der Fondszusammenlegung werden wir entsprechend dem Vorschlag der Fondsgesellschaft verfahren.
Pläne in dem „abgebenden Fonds“ werden automatisch auf den „aufnehmenden Fonds“ umgestellt und dort fortgeführt.
Bitte beachten Sie hierbei die eventuell abweichenden Anlageschwerpunkte. Soll zur Abdeckung der ursprünglich verfolgten Anlageziele ein anderer Fonds genutzt werden, benötigen wir unbedingt einen gesonderten Auftrag.
Wir weisen darauf hin, dass die Verschmelzung unter Umständen für Ihre Kunden steuerliche Konsequenzen hat. Wir empfehlen Ihren Kunden daher, sich bei ihrem Steuer- bzw. Finanzberater über die steuerlichen Auswirkungen gemäß den Steuergesetzen in ihrem Wohnsitz- oder Aufenthaltsland zu informieren.
Wir werden die Bestandskunden des aufnehmenden Fonds ebenfalls schriftlich über die Fondsfusion informieren.
Anbei finden Sie den dauerhaften Datenträger der Fondsgesellschaft.
Wir möchten an dieser Stelle darauf hinweisen, dass es sich bei dem beigefügten Dokument um ein Schriftstück der Fondsgesellschaft handelt. Für die Verwahrung und Administration von Anteilen und die Umsetzung von Aufträgen verweisen wir auf unsere allgemeinen Geschäftsbedingungen nebst Preis- und Leistungsverzeichnis.
Mit freundlichen Grüßen
FFB-Vertriebspartnerbetreuung
Dear Sir/Madam,
As a shareholder in the Absorbed Fund, an open-ended investment company with variable capital (hereafter referred to either as the “French SICAV” or the “Absorbed Fund”), managed by State Street Global Advisors France S.A., we would like to thank you for your trust in us. On the proposal of the management company, the board of directors of the French SICAV (the “Board of Directors”) has decided to proceed with the merger by absorption of the Absorbed Fund by a sub-fund of State Street Global Advisors Luxembourg SICAV (the “Luxembourg SICAV”), an open-ended investment company incorporated in Luxembourg and compliant with the EC Directive 2009/65/EC, (the “Merger”). It is proposed to merge the Absorbed Fund with a Sub-fund of the Luxembourg SICAV (the “Absorbing Sub-fund”). The Absorbed Fund will be merged by absorption with the Absorbing Sub-fund as follows:
1. The Merger transaction
The Merger transaction is proposed in order to achieve enhanced operational efficiency and enable long-term savings for the shareholders. The benefits expected by the transaction include larger economies of scale and should under most circumstances result in a drop in the percentage of fixed costs linked to the amount of assets under management. However, under certain circumstances the management charges and management charges outside the management company can be higher as set out in the ‘Increase in Fees’ section below. The enhanced operational efficiency will be achieved by trimming administrative and operational expenses related to the management of the Absorbing Sub-fund.
The Merger transaction should also result in an increase in the number of shareholders, which would reduce the effects on the portfolio and the remaining shareholders in the case of transfers on behalf of major shareholders. The Board of Directors of the French SICAV and the board of directors of the Luxembourg SICAV have therefore decided to merge the Absorbed Fund with the Absorbing Sub-fund.
Please see further information on the changes brought about by reason of the Merger below and in particular the risk/reward profile.
The Merger has been approved by the French Financial Markets Authority (“AMF”) and the Commission de Surveillance du Secteur Financier (“CSSF”) (the supervisory authority over the Luxembourg SICAV) on 10th February 2015 and will occur on 4th May 2015 (the “Effective Date”). On the Effective Date, the Absorbed Fund will tender the entirety of its assets and liabilities to the Absorbing Sub-fund and the shareholders of the Absorbed Fund will receive shares of the Absorbing Sub-fund. As applicable, the shareholders of the Absorbed Fund will also receive a cash balance. In the event that the Merger would have consequences that do not correspond to your objectives, you may request the redemption of your shares at no cost until 24th April 2015 at 11am Paris time. After that there will be a suspension period during which subscriptions and redemptions will not be possible from 24th April until the Effective Date.
The management company of the French SICAV is State Street Global Advisors France S.A. The management company of the Luxembourg SICAV is State Street Global Advisors Luxembourg Management Sàrl, which has appointed State Street Global Advisors Limited as investment manager.
State Street Global Advisors Limited has fully delegated investment management activity of the Absorbing Sub-fund to State Street Global Advisors France S.A.
2. Changes brought about by the Merger transaction
Risk profile: – Change in the risk/reward profile: YES POTENIALLY (see below)
– Increase in the risk/reward profile: YES POTENTIALLY (see below)
The investment strategy as specified in the prospectus of the Absorbing Sub-fund is potentially more flexible than that of the Absorbed Fund. However, the management company of the Absorbing Sub-fund does not envisage that this will materially impact the way in which the Absorbing Sub-fund is managed, particularly in view of the fact that the Absorbed Fund and the Absorbing Sub-fund have the same investment process and similar investment objectives.
The investment objectives nevertheless differ in that the Absorbed Fund seeks to obtain a performance greater than or equal to the performance of the MSCI Europe Index net dividends reinvested, up to a maximum of 8% while the Absorbing Fund seeks to obtain a performance greater than the performance of the MSCI Europe Index net dividends reinvested with no specified maximum outperformance. The Absorbed Fund and the Absorbing Sub-fund both have a synthetic risk and reward indicator (a general indication concerning the overall level of risk of the fund) of 6 on a scale of 7, as disclosed within the Key Investor Information Document (“KIID”). The Absorbing Sub-fund is a sub-fund of a Luxembourg SICAV whose operating procedures may differ from those of a French SICAV.
Increase in fees: YES, potentially when special circumstances require this, as described below.
Management fees and management fees outside the management company (including all fees except for transaction fees and fees linked to investments in mutual funds or investment funds) are not higher in the Absorbing Sub-funds than in the Absorbed Sub-funds.
The Absorbing Sub-fund, contrary to the Absorbed Fund, will be subject to an annual subscription tax as set out in Annex 3 below which may contribute to the increase in fees for the Absorbing Sub-fund as compared to the Absorbed Fund.
The Absorbed Fund and the Absorbing Sub-fund currently use different entry and exit fee mechanisms.
The Absorbing Sub-fund uses a Swing Pricing mechanism whereas the Absorbed Fund does not. The Swing Pricing Adjustment is a mechanism used to reflect the dealing costs that may be incurred by the Sub-fund and the estimated bid/offer spread (including anticipated fiscal charges, as the case may be) of the assets in which the Sub-fund invests. Swing Pricing Adjustment applies if on any Dealing Day the aggregate total of subscriptions, conversions or redemption of Shares of all Classes of Shares of a Sub-fund result in a net capital inflow or outflow which exceeds a pre-determined threshold for that Sub-fund. The Swing Pricing Adjustment will be an addition when the net movement results in a net capital inflow from all Classes of Shares of the Sub-fund and a deduction when it results in a net capital outflow.
Furthermore, the entry fee not retained by the fund is higher for share classes P and I in the Absorbing Sub-fund than in the corresponding share classes of the Absorbed Fund but it will not be charged to shareholders on merger. A 3% maximum entry fee may be charged by the Absorbing Sub-fund whereas 2% maximum entry fee may be charged by the Absorbed Fund for share classes PC and IC and 5% for share class B, Moreover, in line with market standards in Luxembourg, maximum exit fees of 2% may be applied to all share classes in the Absorbing Sub-fund when required by special circumstances (for example, in the case of excessive trading), and only to ensure the fair treament of the shareholders. To date, exit fees have never been applied by the Luxembourg SICAV.
The TER for the Absorbing Sub-fund does not include extraordinary or exceptional costs (if any) as may arise from time to time, such as material litigation which will be paid for out of the assets of the Absorbing Sub-fund. Neither does the TER include certain ongoing costs and expenses (including but not limited to transaction charges, stamp duty or other taxes, commissions and brokerage fees incurred with respect to the Absorbing Sub-fund’s investments, interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms of such borrowings, or any commissions charged by intermediaries in relation to an investment in the Absorbing Sub-fund).
