Merger: the new generation of Amundi Funds
A FAQ section has been especially created to answer any questions you might have. Feel free to send us your questions to complete the list.
The merger overview
What is the aim of the merger?Open
Amundi Funds and SGAM Fund sub-funds will be merged in order to gather Amundi’s whole key expertise in one “flagship” SICAV.
This project allows us to increase the AuMs per sub-fund and to focus on the best track records and expertise in order to propose an attractive offer.
Finally the range legibility is improved, with a maximum of 60 - 70 sub-funds.
When will the merger take place?Close block
On 24th of June 2011.
For the absorbing sub-funds, there will be a suspension period from the NAV dated 22nd of June to the NAV dated 27th of June 2011.
What operations have already took place?Open
25th November 2010: the implementation of the new share class denomination.
1st December 2010: the new performance fee calculation method has been implemented for Equity and Bond sub-funds at the end of their respective calculation period. As for several Absolute Return sub-funds, changes occurred on 1st January, 2011.
1st February 2011: the implementation of new management fees and administration fees.
15th April 2011: creation of Amundi Funds Dynamic Asset Allocation.
20th April 2011: Announcement of the merger. Announcement of the changes of fund administrative agent, settlement dates and sub-funds denomination. Announcement of suspension of subscription, redemption and conversion orders for the absorbing sub-funds on NAV dated June 22nd, June 24th, and June 27th.
The target range
What are the target countries of registration?Close block
What are the new characteristics of the target range?Close block
The target range benefits henceforth of the following features:
• The rationalised share class structure. We opted for a 5 systematic share classes configuration with new nomen¬clature principles.
The new nomenclature enhances the legibility of share classes. It allows one to see at a glance the currency of the share class and the hedging if appropriate.
• The reviewed investment policy of some sub-funds in accordance with the new range.
• The adapted fee structure and new performance fee calcu¬lation method.
• The sub-funds new denomination.
What are the characteristics of X, O and H share classes?Open
X class category is for institutional investors. It requires a mini¬mum of USD 30,000,000 for the first subscription.
O class category is for institutional investors specifically authorized by the Board. It requires a minimum investment of USD 500,000 or equivalent in another currency.
Classic H class category is for all investors specifically autho¬rized by the Board.
Information for clients
When will the new prospectus be available?Open
The changes decided by the Board of the two SICAV are respectively reflected in the Prospectus dated May, 2011 of Amundi Funds and the Prospectus dated April, 2011 of SGAM Fund.
Those new prospectuses will be notified within next weeks in the respective registration countries of the SICAV’s and published as soon as an agreement with the local authorities is obtained.
Is there a client communication plan?Open
Our clients will be notified by mail of all main changes to come.
In addition, the updated documents (factsheet, etc.) will be available on amundi-funds.com.
The marketing material will be updated by July, 2011.
How many letters will be sent to shareholders?Open
SGAM Fund shareholders will receive one shareholder’s notice.
Amundi Funds shareholders will receive two shareholder notices: one for the new denomination of the sub-fund and one for the change of the settlement date.
Shareholders of the absorbed Amundi Funds sub-funds will be notified.
Will shareholders receive a statement of holdings and when?Open
The clients connected to CACEIS by SWIFT will receive confirmations in the form of a SWIFT message type MT 535. Other clients will receive the information by fax.
When will the conversion ratios (how many shares the merged sub-funds will receive from the absorbing sub-funds) be available?Open
Conversion ratios will be sent on June 25th, 2011 at the latest.
Will the clients receive the detailed correspon¬dence table with the old and new share classes?Open
This table is available upon request. The conversion tool between former and new sub-funds will be available on amundi-funds.com web site.
Where can you find further information?Open
• The information is available online on our website: www.amundi-funds.com
• A Z-card giving a quick overview of basic product informa¬tion (ISIN code, reference indicator, inception date, etc.) will be available in June.
• You can contact our Client Servicing Team.
Changes caused by the merger
Will the merger impact the other Luxembourg SICAVs of Amundi?Open
The other Amundi Luxembourg-domiciled SICAVs remain unchanged.
What will happen to the SGAM Fund SICAV?Open
All SGAM Fund sub-funds will merge with some Amundi Funds sub-funds except SGAM Fund Equities India.
There will be no change for SGAM Fund Equities India share¬holders.
Will the entire Amundi Funds and SGAM Fund SICAVs merge?Open
No, the merger will be done through the transfer of some SGAM Fund sub-funds in either existing or newly created Amundi Funds sub-funds.
What will happen with the ISIN Codes?Open
The ISIN code of the absorbing sub-fund will be applied.
The operators of the subscription/redemption channels have been informed.
What is the possible tax treatment impact?Open
The merger might be considered as a taxable event in certain countries.
There is no technical solution allowing the neutralization of all tax impacts. A precise fiscal impact for the current investors of the merged SGAM Fund sub-funds or the merged Amundi Funds sub-funds is difficult to assess, as it will depend on their classification and specific tax situation.
The distributors are in the best position to evaluate the specific situation for each final investor and to explore the neutraliza¬tion options.
Will the SGAM Fund sub-funds absorbed in the newly created Amundi Funds sub-funds keep the same NAV?Open
The dormant Amundi Funds sub-funds which will absorb the SGAM Fund sub-funds are going to be available with a NAV of EUR/USD 100 for A, S and M share classes and a NAV of EUR/USD 1,000 for I share class.
Subcription / redemption processes
Will the subscription and redemption processes change during the merger period?Open
• Amundi Funds sub-funds not impacted by the merger: the activity will be normal on June 22nd, 24th and 27th, 2011 (June 23rd, 2011 is a bank holiday in Luxembourg).
• Amundi Funds absorbing sub-funds: subscriptions and redemptions will be suspended on June 22nd, 24th and 27th, 2011 and the applicable NAV will be the one of June 28th, 2011.
• Amundi Funds absorbed sub-funds: if the client places an order on June 21st, 2011 after the cut-off time, this order will be rejected.
• SGAM Fund absorbed sub-funds: if the client places an order on June 20th (Asian sub-funds) or June 21st (all the other sub-funds) after the cut-off time, this order will be rejected.
• SGAM Fund Equities India: no changes.
• All Amundi Funds sub-funds will not be impacted by the merger.
What will be Amundi Funds cut-off time?Open
Cut-off time: D 2.00 PM CET
NAV date: D
NAV calculation and communication date: D+1
Settlement date: D+3 (previously D+4)
Amundi Funds Equity MENA has a specific treatment in terms of cut-off and NAV calculation.
What will be the official Transfer Agent of Amundi Funds?Open
Amundi Funds' Transfer Agent is Fastnet Luxembourg.
Orders can be sent to the following fax number: +352 4767 7037