Robeco announced this summer that it would adjust its product range to effectively target client demand. The plans for the Luxembourg fund range have been made public today. The rationalization involves 39 subfunds for the European market that are not actively sold in the Netherlands. The Luxembourg regulator, the Commission de Surveillance du Secteur Financier (CSSF), has given its approval to all the planned mergers.
All subfunds denominated in US dollars and Swiss francs will be merged with their euro-denominated counterparts. Furthermore, subfunds with very low assets under management will be merged with the other most similar subfunds available. Demand for very specialized products with too narrow a focus has fallen in recent years, and Robeco does not expect this situation to change in the near future. Robeco wants to improve the quality of its products and increase product volumes, thereby strengthening its commercial presence in Europe. Ultimately, and most importantly, the move is in our investors' interests, because it increases economies of scale.
As from 15 December 2003, the following 16 subfunds will be available under the IPF umbrella (1) and CGF umbrella (15).
Robeco Interest Plus Funds
Robeco Money Plus (EUR)
Robeco Capital Growth Funds
Robeco Asia-Pacific Equities (EUR)
Robeco European Equities (EUR)
Robeco North American Equities (EUR)
Robeco Global Equities (EUR)
Robeco Emerging Markets Equities (EUR)
Robeco European MidCap Equities (EUR)
Robeco Financials Equities (EUR)
Robeco Food & Agri Equities (EUR)
Robeco Health Care Equities (EUR)
Robeco IT Equities (EUR)
Robeco Telecom Services Equities (EUR)
Robeco European Bonds (EUR)
Robeco US Bonds (EUR)
Robeco Global Bonds (EUR)
Robeco High Yield Bonds (EUR)
About Robeco
Robeco provides discretionary asset management products and services, as well as a complete range of mutual funds to a large number of institutional and retail clients worldwide. Robeco's product range encompasses fixed-income and equity investments, as well as balanced accounts, money-market funds and alternative investments.
Robeco distributes its funds for the retail market directly, and through other financial institutions. Several of its mutual funds, including the flagship Robeco N.V., are listed on major European stock exchanges such as Amsterdam, Paris, Frankfurt and London.
As well as from its head office in Rotterdam, Robeco services its clients from its European offices in Belgium, France, Luxembourg, Switzerland, Germany and Spain. In the United States, Robeco has offices in New York, Chicago and San Francisco (Weiss, Peck & Greer), Boston (Boston Partners), White Plains (Sage Capital Management) and Toledo (Harbor Capital Advisors).
Robeco is the center for asset management with full operational independence within the Rabobank Group. The combination of the highest credit ratings from the major international rating agencies and the highest Sustainability Cluster Score within the banking sector reflects the high added value Rabobank has always offered its investors, members, clients and employees.
Background information
The following 39 subfunds are involved:
CGF fund range
- Merger of all USD and CHF subfunds with EUR subfunds (31 subfunds)
- Merger of Latin American Equities with Emerging Markets Equities (EUR)
- Merger of Eastern European Equities with Emerging Markets Equities (EUR)
- Merger of Medical Biotech Equities with Health Care Equities (EUR)
- Merger of Japanese Equities with Asia-Pacific Equities (EUR)
IPF fund range
IPF fund range
- Merger of 4 IPF subfunds into IPF Money Plus (EUR) (4 subfunds)
All mergers will be effected over the weekend of 13 and 14 December 2003. Shareholders do not have to take any action to receive shares in the remaining subfunds. For a period of one month from the publication date of 10 November 2003, shareholders may request the repurchase of their shares free of transaction costs. On Saturday 13 December 2003, the assets of the disappearing subfunds will be transferred to the remaining subfunds in exchange for the issue of shares in the remaining subfunds to the shareholders of the disappearing subfunds. The disappearing subfunds will cease to exist. No dealing in the disappearing subfunds will be possible after 09:00h Luxembourg time on Wednesday 10 December 2003. Any dealing instructions received thereafter at the registered office in Luxembourg will be processed on Monday 15 December 2003 for account of the holding in the remaining subfund.
Shareholders in the disappearing subfunds on the register as at the close of business on Wednesday 10 December 2003 will receive shares in the remaining subfunds equivalent in value to their shareholdings in the disappearing subfunds.
The number of shares to be issued to the shareholders of the disappearing funds will be established on the basis of the exchange ratio corresponding to the net asset values per share of the disappearing funds and of the remaining funds, calculated and audited on the day of the merger. The calculated net asset values on 13 December 2003 will be used to determine the exchange ratios. Shareholders will receive shares in the remaining funds based on these ratios.
From Monday15 December 2003, the exchange ratios will be communicated to all distribution partners and will also be published on www.robeco.com and in the press. They also can be obtained from the registered office of the company and from the office of the custodian.