Closure of the SIM World Big Blue Chip Fund

EFS Investment Solutions has been informed by Sanlam Collective Investments that the asset manager has decided to close the SIM World Big Blue Chip Fund.

The SIM World Big Blue Chip Fund is a Foreign Equity Fund. Sanlam currently manages three portfolios in this category with similar structures and objectives. In order to better service its investors with a clear and focused fund range, Sanlam is consolidating some of its offshore portfolios, which will result in the closure of certain funds.

Furthermore, the two largest investors in this fund have indicated that they would like to switch their assets to another Sanlam portfolio. This will result in the assets under management of the fund declining to ±R10m.

Sanlam do not believe a portfolio of this small can be managed effectively. The Financial Services Board has granted permission for the closure of this fund. The date for the winding up of the SIM World Big Blue Chip Fund is 12 March 2010.