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Threadneedle to move €7bn in European assets out of UK

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Threadneedle to move €7bn in European assets out of UK

Columbia Threadneedle Investments is planning to move as much as €7 billion (£6.12 billion) managed for EU clients out of its UK Oiec range to its Luxembourg Sicavs.

A total of 20 funds from the Threadneedle OEIC range will transfer assets to equivalent funds in the SICAV range, with the firm launching 13 new funds on its Sicav platform.

Threadneedle
  Fund
To Threadneedle (Lux) Fund
Threadneedle Pan European Smaller Companies Fund   Threadneedle (Lux) – Pan
  European Smaller Companies
Threadneedle Credit Opportunities Fund   Threadneedle (Lux) – Credit
  Opportunities
Threadneedle European High Yield Bond Fund   Threadneedle (Lux) – European
  High Yield Bond
Threadneedle Pan European Fund   Threadneedle (Lux) – Pan
  European Equities
Threadneedle European Corporate Bond Fund   Threadneedle (Lux) – European
  Corporate Bond
Threadneedle Pan European Equity Dividend Fund   Threadneedle (Lux) – Pan
  European Equity Dividend
Threadneedle European Smaller Companies Fund   Threadneedle
  (Lux) – European
  Smaller Companies
Threadneedle Global Equity Income Fund   Threadneedle
  (Lux) – Global Equity
  Income
Threadneedle Global Extended Alpha Fund   Threadneedle (Lux)
  – Global Extended Alpha
Threadneedle American Smaller Companies Fund (US)   Threadneedle
  (Lux) – American
  Smaller Companies
Threadneedle Global Select Fund   Threadneedle
  (Lux) – Global Select
Threadneedle American Extended Alpha Fund   Threadneedle
  (Lux) – American
  Extended Alpha
Threadneedle European Select Fund   Threadneedle
  (Lux) – European Select
Threadneedle UK Fund   Threadneedle
  (Lux) – UK Equities
Threadneedle American Fund   Threadneedle
  (Lux) – American
Threadneedle American Select Fund   Threadneedle
  (Lux) – American Select
Threadneedle UK Equity Income Fund   Threadneedle
  (Lux) – UK Equity
  Income
Threadneedle
  UK Absolute Alpha Fund
  Threadneedle
  (Lux) – UK Absolute
  Alpha
Threadneedle Global Emerging Markets Equity Fund   Threadneedle
  (Lux) – Global Emerging
  Market Equities
Threadneedle Asia Fund   Threadneedle
  (Lux) – Asia

 

Michelle Scrimgeour, chief executive of EMEA at Columbia Threadneedle, said: ‘Our priority is to provide certainty and continuity for our clients.

‘By facilitating the transfer of European customers to our existing Luxembourg range we will ensure they can continue to access our best investment strategies in a UCITS-compliant fund, regardless of the final agreement between the UK and the EU.

'For EU investors, the transfers will remove uncertainty regarding the future status of their investment in their home country.'

The transfers are subject to shareholder approval. The Commission de Surveillance du Secteur Financier (CSSF) and the Financial Conduct Authority (FCA) have been notified of the proposed transfers.

Wealth Manager understands that the transfer represent just under 2% of Columbia Threadneedle’s global assets under management of €395 billion.

Columbia Theadneedles decision to transfer EU client money to its Sicav range follows a similar move by M&G, which earlier this year announced plans to move four non-UK client funds, containing €6 billion in assets, to Luxembourg in what it called a 'precautionary move'.

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