Rathbone SICAV multi-asset portfolio investor letter

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio
Rathbone SICAV Multi-Asset Strategic Growth Portfolio
Rathbone SICAV Multi-Asset Total Return Portfolio 
(together, the “Sub-Funds”)
 

We are writing to you as an Investor in one or more of the Sub-Funds to inform you of changes we are making to certain share classes of the Sub-Funds (as listed in Appendix 1 of this letter).

No further investments permitted from UK-based investors into certain share classes.

The Sub-Funds are part of the Rathbone Luxembourg Funds SICAV, Rathbones Asset Management’s (“RAM”) Luxembourg range of funds. The Sub-Funds are primarily intended for investors who are internationally based. RAM manages similar funds domiciled in the UK, which are suitable for UK-based investors. 
   
The Sub-Funds will no longer accept additional investments from UK-based investors (according to the official shareholder register) into certain share classes of the Sub-Funds following the introduction of the UK’s Overseas Funds Regime (“OFR”). These changes will take effect no earlier than 14 May 2025, subject to confirmation by the UK Financial Conduct Authority that the share classes have been recognised under the OFR.
 

Why are we making these changes?

The OFR is the UK gateway that will replace the Temporary Marketing Permissions Regime (“TMPR”). The TMPR was implemented following Brexit to allow continued marketing of non-UK funds (like the Sub-Funds) to UK-based investors for a limited time. Only share classes that meet specific regulatory requirements may be recognised under the OFR and continue to be promoted in the UK.

Following a review of the regulatory requirements under the OFR, several share classes of the Sub-Funds will no longer be available for UK-based investors to add additional monies (“top up”). These are share classes that historically could be offered to UK-based investors, but no longer can be promoted to UK investors under the new regime. UK-based investors will not be required to redeem their existing holdings.

You may wish to speak with an investment adviser about these changes and any impact on your investment(s).

To be clear, there is no change to the way in which any of the impacted Sub-Funds or share classes will be managed, nor to the investment objectives, investment policies or risk profiles.

Impacted ISINs are provided in Appendix 1 of this letter.

If you have any questions, please get in touch at transferagency@lu.hsbc.com.
 

Yours faithfully,

Tom Carroll (on behalf of the Board of Directors for Rathbone Luxembourg Funds SICAV)