The unit trusts from the ranges of Commercial Union and General Accident (GA) - which were themselves combined to become CGU – are converting to OEIC subfunds with many merging into existing sub-funds of the Norwich Union OEIC.
The table below shows the changes being made:
Old unit trusts in CGU & GA range |
OEIC Range: OEIC subfunds |
PPT High Yield |
Norwich UK Income Opportunities |
PPT Global Success |
Norwich Global Success |
PPT Monthly Income Plus |
Norwich Monthly Income Plus |
PPT Preference Share |
Norwich Preference Share |
CGU UK Index Tracking |
Norwich Blue Chip Tracking |
PPT UK Growth |
Norwich UK Growth |
PPT UK & General |
Norwich UK Equity |
PPT Europe Growth |
Norwich European Equity |
PPT Equity Income |
Norwich UK Equity Income |
PPT Managed |
Norwich Portfolio |
PPT Global Bond |
Norwich Global Bond |
PPT Japan
Growth & PPT Far Eastern Growth |
Norwich Japan Growth |
PPT North America Growth |
Norwich US Growth |
PPT
Oriental Growth & PPT Far Eastern Growth |
Norwich Oriental Growth |
PPT Smaller Companies |
Norwich UK Smaller Companies |
Homemaker |
Norwich Portfolio |
GA GANDA |
Norwich Income & Growth |
The new fund range will follow Association of Unit Trusts and Investment Funds guidelines in taking the performance record of the bigger of the two funds. In cases where the original funds are of a similar size the record of the oldest fund is used.
All of the new funds in the above table will take on the Norwich Union performance records except for the Norwich UK Smaller Companies, which will retain the PPT Smaller Companies fund’s history. Changes to the CGU funds have been made while the GA range funds will be rationalised in July 2001.
In addition Norwich Union is making some alterations to its PEP and ISA range:
Product |
Change |
Prestige (equity) ISA |
closed to new business |
Prestige (mini cash) ISA |
no mini cash ISA to be offered |
Advantage Plus PEP |
closed to
new business |
Norwich Performance ISA |
1 new fund added, the Blue Chip Tracking Fund |
Norwich Investment ISA |
incorporates
5 new funds |
Norwich PEP |
incorporates
5 new funds |
Norwich Global Tracking PEP |
closed to new business |