The firm is to merge its MoM Cautious Fund into its Cautious Multi-Asset Fund, the MoM Balanced Fund into the Balanced Multi-Asset Fund, and the MoM Growth Fund into the Adventurous Multi-Asset Fund.
The Aviva Investors Manager of Managers Income Fund has no equivalent in the multi-asset range and will thus continue in its current incarnation, though Aviva says it is currently “reviewing options” for the fund.
The MoM funds were launched as Ucits offerings in 2005; in a letter to shareholders Aviva Investors highlighted the fact that such funds “cannot invest in some assets which can help improve diversification” but noted that non-Ucits retail schemes such as its multi-asset offerings can now be included in tax-efficient ISAs.
“As a result, we intend to merge three of the manager of managers funds into our multi-asset funds” the letter said.
“As Nurs funds [the multi-asset range] can benefit from increased diversification through investment in a broader range of assets, including commodities and property.
“In addition, the multi-asset funds have lower annual management charges than the manager of managers funds”.
The funds are scheduled to be merged on 1 July 2011.
