Important Notice on Davy Funds
At Irish Life we regularly review our pension fund mandates and investment arrangements to ensure we continue to offer customers the best potential returns at the lowest cost, whilst continuing to meet the required pension fund mandate.
In recent months as the Integration process within Irish Life comes to a close, we have been considering how best to leverage the award-winning performance of Setanta Asset Management, which is a new option within the Irish Life range.
Setanta Asset Management was founded in 1998 and has €7.8bn assets under management at the end of the most recent quarter, 31st March 2015. It is part of the Great-West Lifeco group of companies. Setanta Asset Management were awarded the ‘Equities Manager of the Year’ at the Irish Pensions Awards, 2012, 2013 and 2014.
Through Integration we have identified several opportunities to leverage Setanta’s active equity capability within the existing Irish Life range of pension funds.
As a result we have decided to
- Transfer the Davy High Yield Fund into the Setanta Equity Dividend Fund. The mandate of this pension fund is very similar to the High Yield fund and the track record of this fund is impressive. In addition, investors in this pension fund will see their management fee reduced by 0.25% p.a.
- Transfer the Davy Logic Fund into the Setanta Managed Fund. Again, the mandate of this pension fund is very similar to the Logic Fund and the track record is also impressive. In addition, investors in this fund will see their management fee reduced by up to 0.45% p.a.
We can also confirm that the Global Brands Fund, Conservative Income and Growth Fund and Global Alpha Fund will continue to be managed by Davy Asset Managers and remain open for investment. The pension fund mandates and investment arrangements for these three pension funds remain unchanged.
We are currently in discussions with Davy and would expect the transfer to take place in early August. We will keep you informed of any customer communications in due course.
If you have any further questions please contact your Irish Life Account Manager.
