Our ref: PLAC
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Dear «Salute»
OMW Prof Fidelity Multi Asset Adventurous – Investment Objective Change
I am writing to you because you are an investor in the Old Mutual Wealth (OMW) Prof Fidelity Multi Asset Adventurous fund which invests in a corresponding fund offered by FIL Investment Services (UK) Limited. Fidelity has told us that the investment objective of the underlying fund has changed from Wednesday 15 February 2017.
Why has the change happened?
Fidelity believes that the revised objective will provide further clarity about how the fund manager invests. There will be no change to the way the fund is managed.
In line with this change, the objective of the Old Mutual Wealth Prof fund has also changed.
How has this change affected my investment?
The objective change has not affected the value of your fund holding or, in the fund manager’s opinion, its risk profile. The fund objectives are shown overleaf for you to compare.
What action do I need to take?
You do not need to take any action unless you want to make an alternative choice from our extensive range of funds. Please speak to your financial adviser before making any investment decisions or if you have any questions about this change.
For any other questions you can call our Customer Service Centre on freephone <insert telephone number> or email us at , but please remember we are not authorised to give you any investment advice.
Yours sincerely
Anthony Scammell
Head of Customer Experience
If you have an authorised financial adviser, we have made a copy of this letter available for them to view online.
Current objective / New objectiveThe OMW Prof Fidelity Multi Asset Adventurous fund invests solely in the Fidelity Multi Asset Adventurous fund, a sub fund of Fidelity Investment Funds IV, a UK authorised open-ended investment company with variable capital, managed by FIL Investment Services (UK) Limited.
The underlying fund aims to provide long term capital growth by investing primarily through other regulated collective investment schemes, including schemes managed by Fidelity in order to obtain exposure to global equities, commodities and global fixed income securities, with a bias towards the UK.
Investments in emerging markets tend to be volatile and are usually considered to carry a greater degree of risk than investments in established markets. This relates to dealing, settlement and custody practices, the possibility of political or economic instability, and developing legal, fiscal and regulatory structures.
The underlying fund may be denominated in or hold assets in a currency other than Sterling. The performance of the fund may therefore rise and fall as a result of exchange rate fluctuations.
The underlying fund invests in bonds or money market instruments (including deposits with banks or other financial institutions). The yield and/or value of the fund will fluctuate as interest rates change. There is a possibility of default, reducing capital values.
The underlying fund, or some of its underlying assets, may hold derivatives for investment purposes, or borrow to invest ('gearing'), and the nature of these investments can lead to a higher volatility in the price of the fund. In addition, the fund may have some exposure to credit risk if a provider of derivatives fails to honour their obligation.
It should be noted that the performance of the OMW fund will not match that of the underlying investment due to OMW fund charges, appropriate taxation adjustment and the OMW investment process. / The OMW Prof Fidelity Multi Asset Adventurous fund invests solely in the Fidelity Multi Asset Adventurous fund, a sub fund of Fidelity Investment Funds IV, a UK authorised open-ended investment company with variable capital, managed by FIL Investment Services (UK) Limited.
The underlying fund aims to provide long term capital growth through global exposure to higher risk assets. The underlying fund will primarily invest in funds (including funds managed by Fidelity).
Investments in emerging markets tend to be volatile and are usually considered to carry a greater degree of risk than investments in established markets. This relates to dealing, settlement and custody practices, the possibility of political or economic instability, and developing legal, fiscal and regulatory structures.
The underlying fund may be denominated in or hold assets in a currency other than Sterling. The performance of the fund may therefore rise and fall as a result of exchange rate fluctuations.
The underlying fund invests in bonds or money market instruments (including deposits with banks or other financial institutions). The yield and/or value of the fund will fluctuate as interest rates change. There is a possibility of default, reducing capital values.
The underlying fund, or some of its underlying assets, may hold derivatives for investment purposes, or borrow to invest ('gearing'), and the nature of these investments can lead to a higher volatility in the price of the fund. In addition, the fund may have some exposure to credit risk if a provider of derivatives fails to honour their obligation.
It should be noted that the performance of the OMW fund will not match that of the underlying investment due to OMW fund charges, appropriate taxation adjustment and the OMW investment process.