Liquidation of L54 HDFC Mid Cap Opportunities
13 September 2018
We have been informed by HDFC Asset Management (“The Company”) that the underlying fund into which L54 HDFC Mid Cap Opportunities invests will be going into liquidation and therefore the trading has been suspended with effect from 20 August 2018.
Friends Provident International therefore has no alternative but to suspend dealing until further notice on L54 HDFC Mid Cap Opportunities, effective 29 August 2018, until such time as the liquidation process has completed.
When an underlying fund is suspended and we suspend our mirror fund as a result of this action by the Company, we select a fund from our internal mirror fund range to act as an alternative investment (default fund) for any regular premium contributions. We have selected P54 Aberdeen Global Indian Equity for all future contributions in place of L54 HDFC Mid Cap Opportunities.
Because L54 HDFC Mid Cap Opportunities is in the process of liquidating, new investments, switches and redemptions are no longer permitted until the liquidation has completed.
Upon receipt of the liquidation proceeds, the L54 HDFC Mid Cap Opportunities fund will be closed and any current holdings will be fully switched into P54 Aberdeen Global Indian Equity fund.
Should you have any questions regarding this change, please contact International Funds & Investments.