Investments:
NAACIF gains shareholder approval to convert to new structure
At the EGM on 4th October, it was confirmed that 99% of shareholder votes received voted in favour of M&Gâs proposals to convert the present NAACIF Almshouses Fund into the new Charity Authorised Investment Fund (âCAIFâ) structure.
The target date for completion of these changes is Monday 18th November. On these changes Richard Macey, Director of Charities at M&G, commented
âWe are delighted to have received such resounding support from our existing Almshouses investors to proceed with the changes we have proposed. I am confident that the new fund, to be re-named The M&G Charity Multi Asset Fund, will continue to provide Almshouses with consistent and competitive returns for their long-term reserves. The key aspects of these changes that I would draw Trusteesâ attention to are threefold; first, manager Jenny Rodgers will have a wider choice of different global assets from which to construct the portfolio, thereby increasing diversification; secondly, we are opening access to all UK charities; finally, we are reducing our annual charges from around 0.60% to 0.50% per annum. M&G remains absolutely committed to helping our Almshouses clients make the most of their endowments and, after 57 years under the NAACIF fund banner, I am very much looking forward to an exciting future under the new regime.â
If individual
investors have any further questions regarding these plans, please contact
Richard directly on 020 3977 3623 or email him at charities@mandg.co.uk