Norwich Union will not be launching any new funds in the nine months it takes to complete the merger...
Norwich Union will not be launching any new funds in the nine months it takes to complete the merger process with CGU.
The company has finalised its fund rationalisation programme, incorporating CGU Financial Management under its retail funds arm Norwich Union Investment Funds, and will propose a number of fund conversions and mergers to policyholders.
Mark Skinner, Norwich Union's sales and marketing director, said the company wanted to focus on its core range of funds, which will reduce from 48 to 22 after the merger process.
The company will be writing to IFAs from today to inform them of the timetable of events around the merger.
On 31 December the two companies will complete the harmonisation of administration platforms, statement mailings and the merger of its legal entities.
This will be followed by the closure of Norwich US Smaller Companies Fund on 31 January, CGU PPT Long Gilt Portfolio Fund on 28 February and Norwich Master Trust on 28 February.
May 2001 will see the conversion and merger of CGU funds, with overlapping funds being merged into a more streamlined fund choice.
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