May 9, 2018 / 1:18 PM / 6 months ago

Columbia Threadneedle plans to switch select UK fund assets to Luxembourg structures

LONDON, May 9 (Reuters) - Columbia Threadneedle Investments is planning to transfer assets held by customers in the European Union from select UK fund structures to equivalent funds in its Luxembourg range, to “best serve” European clients after Britain quits the bloc.

A total of 20 funds from the Threadneedle OEIC range will transfer assets to equivalent funds in the SICAV range, subject to shareholder approval.

“Our priority is to provide certainty and continuity for our clients. By facilitating the transfer of European customers to our existing Luxembourg range we will ensure they can continue to access our best investment strategies in a UCITS-compliant fund, regardless of the final agreement between the UK and the EU,” Michelle Scrimgeour, CEO, EMEA at Columbia Threadneedle said in a statement on Wednesday.

“For EU investors, the transfers will remove uncertainty regarding the future status of their investment in their home country,” she added.

Reporting By Sinead Cruise, editing by Emma Rumney

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