LF Woodford Income Focus Fund update – December 2019


Aegon Retirement Choices (ARC) and Aegon Platform update

In October 2019, we were notified that the LF Woodford Income Focus Fund would suspend trading until further notice. This fund is an Open Ended Investment Company (OEIC) offered across our Aegon Retirement Choices (ARC) and Aegon Platforms.

We’ve now received a further update from Link Fund Solutions Limited (LFS), the fund’s Authorised Corporate Director (ACD).

As ACD of the fund, and after careful consideration, LFS have taken the decision to appoint Aberdeen Standard Investments (ASI) as Investment Manager of the LF Woodford Income Focus fund. This appointment will take effect from 31 December 2019.

In line with this change in Investment Manager from Woodford to ASI, the fund name will change from LF Woodford Income Focus Fund to the LF ASI Income Focus Fund.

LFS have informed us that they expect to re-open the fund no later than February 2020, but until this time, the fund will remain suspended.

What this means for investors

  • Until the fund is re-opened, it will remain suspended. This means investors are unable to buy, sell or transfer units in the fund until further notice.
  • All other restrictions placed on the fund in October 2019 remain in place.
  • In line with the new fund name, the LF ASI Income Focus Fund, the company name will also change from LF Woodford Investment fund II to the LF ASI Investment Fund.
  • With immediate effect, LFS has agreed to waive its fee for acting as ACD until 31 May 2020.
  • From 31 December 2019, the date of its appointment, ASI has also agreed to waive its investment management fee until 31 May 2020.
  • In addition, Northern Trust Global Services SE (UK Branch), has also agreed to waive its fees for acting as depositary, administrator and custodian from the date of ASI’s appointment, 31 December 2019, until 31 May 2020.

What happens next?

LFS will provide a further update to us on or around 13 January 2020, to inform us of the exact date they intend to reopen the fund.

Any additional changes will be communicated via the ‘Fund changes and news’ page of our website.

If you have any concerns you can contact us at:

Aegon Retirement Choices (ARC)

Email - clientservices@online.aegon.co.uk 

Or call us on 0345 680 1234.

Aegon Platform

Email - aegoncofundsadministration@aegon.co.uk 

Or call us on 0345 604 4001.

Call charges may vary.

If you’re contacting us by email please remember not to send any personal, financial or banking information because email isn’t a secure method of communication.