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Colonial First State Investments Limited was appointed the Responsible Entity for some Fortlake Funds in May and will take on administrative services in December. Fortlake Asset Management remains the investment manager of the Fortlake Funds and there will not be changes to investment objectives or strategies.
Read on to find out more.
What is the change of Responsible Entity (RE)?
On 30 May 2024, a motion was passed by the unitholders to replace Trustees Australia Limited (TAL) with Colonial First State Investments Limited (CFSIL) as the Responsible Entity (RE) for the Fortlake Real-Income Fund (FRIF) and the Fortlake Real-Higher Income Fund (FRHIF). This change came into effect on 30 May 2024.
On the same date, TAL appointed CFSIL as RE of the Fortlake Sigma Opportunities Fund (FSOF).
FRIF, FRHIF and FSOF will be collectively referred to as the ‘Fortlake Funds’.
Fortlake will continue to be the investment manager of the Fortlake Funds, and there will not be any changes to the investment objective or strategy of the funds resulting from the change of RE.
Why the change of RE?
The change of RE is part of the evolution of Fortlake Asset Management and the funds it manages. Since Fortlake commenced operations in late 2020, it has grown its total investment funds to over $700 million. To support its continued growth, Fortlake supports the transition from TAL to CFSIL as the RE of the Fortlake Funds.
As Fortlake evolves and grows, it expects benefits from CFSIL acting as RE, which will ultimately be for the benefit of all unitholders.
We want to reassure you that your investment in these Fortlake Funds remains secure.
What do I need to know about the upcoming change of administrative services to CFSIL?
In October, we communicated to investors that CFSIL would assume the responsibility for administrative services for the Fortlake Funds from 16 December 2024.
CFSIL will take on administrative, accounting and registry services from Link Fund Solutions Pty Ltd as at 16 December 2024 for the Fortlake Funds.
As a result, there will be a pause on transactions, including redemptions and subscriptions (additional applications), and account changes. The pause takes place from 2pm (Sydney time) on 9 December to midnight 15 December 2024.
We want to reassure you that your investment in these Fortlake Funds remains secure.
What is the change to the September distribution payment?
As a result of this move of administrative services to CFSIL, payment of the September distributions for these Fortlake Funds will be postponed until December.
Going forward, this change will enable distribution payments to be made in a more timely manner (normally within 14 days of the calculation date). Previously distribution payments were calculated and paid within 30 days after the end of the quarter.
A consolidated half yearly distribution will be paid, covering the full period from 1 July 2024 through to the distribution payment date in the third week of December. This includes both the September and December distribution payments.
We want to reassure you that your investment in these Fortlake Funds remains secure. This delay will have no impact on the performance, return of your investment, or the distribution amount, and is unrelated to the performance of the funds which has remained strong since inception.
What's next?
In the week of 16 December 2024, we will send you a welcome pack containing details of your new account and how to transact, including how to make additional investments into the Fortlake Funds, withdrawal and change your account details.
About CFSIL
CFSIL is part of Colonial First State, which has been helping Australians with their investment needs since 1988. CFSIL has extensive experience overseeing large pools of capital in complex investment products.
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Information on this webpage is provided by Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 and Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should read the Financial Services Guide (FSG) available online for information about our services.