Changes to the Scottish Equitable Lazard UK Alpha fund

On 27 February 2015, some changes were made to the Scottish Equitable Lazard UK Alpha fund. The underlying Lazard UK Alpha fund merged into the Lazard UK Omega fund. As a result, the fund is now slightly more concentrated (it invests greater amounts in a fewer number of stocks), which means it will be slightly riskier than the current fund but its current Aegon risk rating remains the same. Nothing else has changed, the fund name, management, and charges remain the same.

Why have we made this change?

Lazard, the underlying fund manager, consistently reviews its fund range to ensure that its products continue to meet the needs of investors. Following an evaluation, Lazard decided that the performance of the Lazard UK Alpha fund was below expectations and decided to make the change in the interests of investors.

As a result, it merged the Lazard UK Alpha fund into the broadly similar Lazard UK Omega fund. As a result of this change, the fund description of the fund has been updated to better reflect the aims of the underlying Lazard UK Omega fund. The updated fund description has been outlined below:

Previous fund description for the Scottish Equitable Lazard UK Alpha fund New fund description for the Scottish Equitable Lazard UK Alpha fund

This fund aims to achieve long-term growth by investing in a concentrated portfolio of between 40 and 50 carefully selected shares of UK companies across a number of industrial sectors. The fund invests in companies regardless of size but tends to have a bias towards large companies.

This fund aims to achieve long-term growth by investing in a concentrated portfolio of between 25 and 35 carefully selected shares of UK companies across a number of industrial sectors.

The fund invests in companies regardless of size but tends to have a bias towards large companies. It invests directly into the underlying Lazard UK Omega fund.

What current investors need to do?

Current investors don't need to do anything. Nothing else has changed; the fund name, management, risk rating and charges remain the same.