24/12/2019
PiraeusInvest: Notice to unitholders
PIRAEUS ASSET MANAGEMENT COMPANY EUROPE S.A.
SOCIÉTÉ ANONYME
88, GRAND-RUE, L-1660 LUXEMBOURG
R.C.S. LUXEMBOURG N° B 38.082
(THE "MANAGEMENT COMPANY")
ACTING AS MANAGEMENT COMPANY OF
PIRAEUSINVEST
fonds commun de placement
R.C.S. K 15
(THE "FUND")
Notice to unitholders
Luxembourg, 20 December 2019
Dear Unitholder,
The board of directors of Piraeus Asset Management Company Europe S.A. (the “Board”) would like to inform you about the following change which is planned to become effective on 31 December 2019 (the “Effective Date”).
The Board has decided to terminate the Management Company's role as management company of the Fund from the Effective Date and to transfer the management company services to Piraeus Asset Management MFMC, with registered office in 94, Vas Sofias Ave & 1, Kerasountos 11528 Athens, Greece (“Piraeus MFMC”) and which is regulated by the Hellenic Capital Market Commission in Greece.
Piraeus MFMC currently manages in Greece 22 mutual funds authorized under Greek Law, which expand to a large variety, covering many UCITS categories (bond, equity, balanced, money market and funds of funds).
1. Reasons for the change
Following a comprehensive review of the management company services, the Board has decided to discontinue offering management company services to the Fund and believes that
transferring the management of the Fund to Piraeus MFMC, which already manages all other UCITS of Piraeus Bank S.A. group, will benefit to the Fund’s investors.
Piraeus MFMC has been acting as sub-investment manager of the Fund for the last 13 years. By undertaking the management of the Fund, Piraeus MFMC aims at strengthening its presence in the field of collective portfolio management, increasing the assets under management and widening the possibilities and options related to UCITS offered to the public.
Consequently, Piraeus MFMC disposes the knowledge and experience required to manage the Fund, all while reducing at the same time the respective operational costs.
2. Costs
As remuneration for its services, Piraeus MFMC will be entitled to the same fees as previously paid to the Management Company.
After the Effective Date, the fees to be borne by the Fund will not change. The Board intends for the costs associated with the change of management company to be mutually borne by the Management Company and by Piraeus MFMC. The Fund will only bear the costs of the announcements and/or publications required towards its unitholders, pursuant to the applicable legislation. The Board does not believe that these costs will have any material impact on investors.
3. Impact of the change of management company on the current service providers of the Fund
Piraeus MFMC was already responsible for the portfolio management and the risk management of the Fund as delegated portfolio and risk manager, respectively, as well as the distribution of the Fund as appointed distributor and will remain responsible for these functions from the Effective Date as new management company.
Piraeus Bank S.A. which was previously appointed as sub-distributor will be appointed by Piraeus MFMC as distributor to the Fund (the “Distributor”).
KBL European Private Bankers S.A., respectively Kredietrust Luxembourg S.A. will continue acting as the depositary bank, respectively the administrative, registrar and transfer agent of the Fund (the “Administrative Agent”).
As of the Effective Date, investors may subscribe, redeem or request the conversion of units of the Fund through the Distributor or Piraeus MFMC in Greece or, in Luxembourg, through the Administrative Agent by sending such request to the Administrative Agent’s registered office at 88, Grand Rue, L-1660 Luxembourg.
4. Changes to the management regulations and prospectus
As a result of the change of management company, the management regulations of the Fund will be amended accordingly with effect as of 31 December 2019.
The change of management company will be reflected in a new version of the Fund’s prospectus to be dated December 2019, a draft of which is available upon request at the registered office of the Management Company.
Should you have any question relating to the above, please send an email to piraeusaedak@piraeusbank.gr.
Yours faithfully,
The Board of Directors