Closure of the Scottish Equitable Cavendish Worldwide fund
On 16 May 2019, we’re closing the Scottish Equitable Cavendish Worldwide fund. When the fund closes, we’ll move remaining investors into the Scottish Equitable Artemis Global Growth fund, unless they tell us to move it elsewhere before then.
We’ll be writing to all those affected by these changes in advance to let them know about the closure.
Why we’re closing the fund
We constantly monitor and refine our fund ranges. The Scottish Equitable Cavendish Worldwide fund hasn’t grown as we’d expected, which means it’s too small to be economically viable. As a result, we’ve decided to close the fund.
What this means for investors
Investors can stay invested and continue to pay in any regular contributions as normal until the fund closes.
Then, on 16 May 2019 we’ll automatically switch their existing investment in the Scottish Equitable Cavendish Worldwide fund, and all future contributions, into the Scottish Equitable Artemis Global Growth fund, free of any switch charges.
The Total Fund Charge* for pension investors will remain at 1.85%.
*This includes a standard 1% product charge, a fixed management fee and expenses that vary with the day-to-day costs of running the fund. You may pay a different product charge.
More about the Scottish Equitable Artemis Global Growth fund
We’ve carefully selected the Scottish Equitable Artemis Global Growth fund as an alternative fund as we believe it to be the most comparable fund available within our fund range in terms of what it aims to do.
This fund aims to achieve long-term capital growth from a diversified portfolio investing in any economic sector in any part of the world. The portfolio is managed to achieve the funds aim and isn't restricted in its choice of investments by company size, industry or geographical split.
For more information on the alternative fund you can view the fund factsheet via the ‘Fund prices and performance’ page.
There is no guarantee the fund will meet its objective. The value of an investment can fall as well as rise and investors could get back less than they originally invested.
What current investors need to do
If current investors are happy to be invested in the Scottish Equitable Artemis Global Growth fund, they don’t need to do anything. However, if investors feel that this fund isn’t suitable for them they can switch their investment and redirect any future investment, free of any switch charge, into an alternative fund or funds of their choice. If investors wish to do this they should complete a switch form and return it to us before 16 May 2019.
If you would like more information, please speak to a financial adviser. If you don’t have one, you can find one in your area at unbiased.co.uk