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Mergers of UCITS under UCITS IV

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United Kingdom

As mergers of funds have always been possible in the UK, we in the UK have considerable experience of devising reconstruction proposals, both in respect of UK funds and involving funds established in other domiciles. The question is how we adapt our long established approach to accommodate the required approach for merging UCITS funds under the UCITS IV Directive which must be followed from July 2011. Now we have the proposals in HM Treasury/FSA's consultation document, issued late December 2010, on how they intend to implement it in the UK, we can focus on specific consequences for mergers involving UK funds.

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