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Scottish Life makes changes to UK Equity Core Plus Fund
17 February 2010
Scottish Life, the pensions specialist arm of the Royal London Group, has announced that from 7 May 2010 the underlying investment within the Scottish Life UK Equity Core Plus Pension Fund will change from JP Morgan Premier Equity Growth to Cazenove UK Growth & Income. This change reflects Scottish Life’s commitment to strong and effective investment governance.
The process of replacing an underlying fund has been designed to be a seamless transition and includes proactive communication with advisers and policyholders prior to any change being made.
Nick Leitch, Head of Investment Marketing at Scottish Life, commented:
"We take a proactive role in the governance of our investment fund range and we’re committed to providing advisers and their clients with strong performing funds.
"After rigorous analysis, it was decided that the style and process of the Cazenove UK Growth & Income fund make it better suited to delivering consistent performance in changing market conditions. The fund has a long track record of strong performance and we are confident that this decision will have a positive impact for policyholders
"Effective governance lies at the heart of our investment proposition. As part of the ongoing governance we also recently made asset allocation changes within our Governed Range. The benchmarks for Governed Portfolios 4, 5, 7, 8 and 9, as well as the Balanced Short and Adventurous Short Managed Strategies changed with effect from 12 January 2010 to ensure they continue to remain appropriate for the relevant risk profiles. All had exposure to equities reduced in favour of index linked and corporate bonds, except Governed Portfolio 7, where equity exposure was reduced in favour of property."
Further information about these changes is available at www.scottishlife.co.uk/iacfundchanges.
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For further information please contact:
Scottish Life
Nick Leitch, Head of Investment Marketing
0131 456 7891
Polhill Communications
Sally Biggs
020 7655 0520
Editor’s Notes:
Past performance is not a guide to the future. Prices can go down as well as up. Investment returns may fluctuate and are not guaranteed.
Cazenove Capital Management Limited is an independent asset management business tracing its origins back to 1823. They have 25 experienced fund managers, responsible for pan-European equities, European Credit, multi-manager investments and strategy & risk. The Cazenov UK Growth & Income Fund is AA rated by OBSR (Old Broad street research), a leading UK fund research house.
The Governed Range is a series of investment portfolios and lifestyle strategies available within Scottish Life’s Retirement Solutions and Pension Portfolio contracts. The Governed Range focuses on risk profiling, asset allocation, fund picking, rebalancing and ongoing governance. It is particularly suited for IFAs who are interested in getting support to help deliver quality investment advice, at low cost, within a Treating Customers Fairly framework.
Full details of the Governed Range are available at www.scottishlife.co.uk/governed.
Scottish Life was founded in 1881 in Edinburgh as a proprietary company, becoming a mutual company in 1968.
On 1 July 2001, Scottish Life demutualised and transferred its business to The Royal London Mutual Insurance Society Limited. Scottish Life is a division of Royal London and is the specialist pensions business within the Group, providing individual and group pensions to the market via intermediaries.
Scottish Life and Royal London’s other intermediary businesses are based mainly in Edinburgh where 1,150 staff are employed, with 700 working in other parts of the UK and overseas.
Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value quality propositions, operating through a number of brands:
- Scottish Life – UK pensions market
- Bright Grey – UK protection market
- Scottish Provident – UK protection market
- Royal London 360° – offshore investment markets
- RLAM – fund management
- RLAS – life and pensions administration
- Fundsdirect / Ascentric – funds supermarket; Wrap platform
Royal London also distributes life and pensions products through Santander’s UK branch networks.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £35.9 billion. Group businesses serve around 3.4 million customers and employ 2,800 people. Figures quoted are as at 31 December 2009.
