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Fund Closure - Templeton Shariah Asian Growth Fund

Franklin Templeton have announced the closure of the Templeton Shariah Asian Growth Fund on 12 December 2017.

Reason for the closure

Franklin Templeton International Services S.a r.l, the management company of the Franklin Templeton Shariah funds, has taken this decision because the fund is of a relatively small size and they believe it is not in the best interests of shareholders to keep the fund open.


How the closure affects policyholders

With immediate effect we have stopped accepting new, non-contractual investment into the fund for our guided-architecture products.


Policyholders currently invested in the fund via any of these products can remain invested until 5 December 2017 at which point we will formally close the fund and transfer policyholders into an alternative fund in the range - the "Amundi Islamic Asia Pacific Quant Fund". We will also redirect any regular premiums into this fund, where applicable. The receiving fund has a similar investment objective and investment risks which are comparable to that of the closing fund.


We take this action in advance of the closure in order to meet dealing cut-offs and avoid submitting large redemption requests near or on the day of the closure.


Alternative fund choice

If policyholders are not happy with their holdings being transferred into the Amundi Islamic Asia Pacific Quant Fund then they can choose to switch into any other fund available to their policy.


They can provide alternative instructions either by submitting a completed Fund switch instruction form or, if a registered user of our Online Service Centre and fund switching facility, conducting a switch and premium redirection online.


We have issued letters to any policyholders in the above products affected by the closure. Where an investment adviser is appointed, they will receive our notification instead of the policyholder. Servicing financial advisers attached to these policies will receive a copy of the letter for their information.


A copy of the Franklin Templeton shareholder notification and sample letters can be viewed opposite.


Portfolio Bond investors

For these policyholders a different course of action will be taken. The value of units in the fund will be transferred into their cash account on the bond just after the 12 December closure date and they will need to supply a completed Dealing instruction if they wish to reinvest this elsewhere. If they wish to take action ahead of the closure they must submit their dealing instruction by 9am (GMT) on 11 December 2017.



The Templeton Shariah fund is part of the Franklin Templeton SICAV fund range. For more information visit