New custodian bank and administrator for alternative funds in Luxembourg and Guernsey
UPDATED FEBRUARY 2, 2024 WITH GUERNSEY DOMICILED FUNDS: The Danske Invest SICAV-SIF and PCC Limited funds are changing custodian bank and administrative agent in Luxembourg and Guernsey to J.P. Morgan. The change will take place on 16 February 2024, and will not affect investors – except that trading will be suspended for up to five valuation days in February.
Eight sub-funds in Danske Invest SICAV-SIF and Danske Invest PCC Limited are replacing their custodian bank and administrative agent in Luxembourg and Guernsey.
After a thorough selection process, Danske Invest has appointed J.P. Morgan as the new custodian bank, administrative agent, registrar, and transfer agent for the alternative funds domiciled in Luxembourg and Guernsey. J.P. Morgan is replacing CACEIS Investor Services Bank S.A.J.P. Morgan offers a wider range of services which further enhances Danske Invest’s capability to offer relevant and ever more advanced products in the future.
The transition aims to align all Danske Invest funds under one market-leading provider, creating a more streamlined operating model. Such alignment has been in place since April 2022 for Danske Invest funds domiciled in Denmark, and since November 2023 for our Luxembourg domiciled funds.
Suspension of investor dealing in some alternative funds for up to five valuation days in February
During the suspension of the funds, for you as an investor, buying or selling shares in the affected funds will not be possible for up to five valuation days in mid-February between February 13 and February 21. The dates are dependent on the trading process in the underlying markets and vary to ensure correct settlement and accounting of trades in the sub-funds.
The suspension is implemented to protect investors, ensuring that no trades occur at incorrect prices during the transition.
The change of custodian bank is expected to conclude by February 16, 2024, with updates available on the Danske Invest website if any changes occur.
There will be no suspension for Danske Invest SICAV-SIF Alternatives-Defensive, Danske Invest SICAV-SIF Alternatives-Offensive, Danske Invest SICAV-SIF Alternatives-Global Future, and Danske Invest SICAV-SIF Emerging Markets Sustainable Future 2.
The table below provides an overview of all funds changing custodian bank and fund administrator and which days investor dealing is suspended.
Danske Invest SICAV-SIF
Fixed Income Global Value
Suspended between 13/02/2024 12:00pm CET and 20/02/2024 12:00pm CET
Orders will not be processed from 13 February 2024 (last orders received before 12:00 pm on 13 February 2024) to 21 February 2024 (first orders received after 12:00 pm on 20 February 2024). If redemptions exceed 10 million EUR then (T+6) remains applicable, excluding days within the freeze period in accordance with the terms of the relevant Appendices of the Prospectus.
Global Cross Asset Volatility
Suspended between 13/02/2024 12:00pm CET and 20/02/2024 12:00pm CETOrders will not be processed from 13 February 2024 (last orders received before 12:00 pm on 13 February 2024) to 20 February 2024 (first orders received after 12:00pm on 19 February 2024). If redemptions exceed 10 million EUR then (T+6) remains applicable, excluding days within the freeze period in accordance with the terms of the relevant Appendices of the Prospectus.
Alternatives-Global Future
No freeze - Normal dealing process applies.Alternatives-Defensive
No freeze - Normal dealing process applies.Alternatives-Offensive
No freeze - Normal dealing process applies.Emerging Markets Sustainable Future 2
No freeze - Normal dealing process applies.Danske Invest PCC Limited
Danske Invest Hedge Fixed Income Relative Value Fund
Suspended between 13/02/2024 1:00pm CET and 20/02/2024 1:00pm CET
No orders will be processed from 13/02/2024 (last orders received before 1:00 pm on 13.02) to 21/02/2024 (first orders received after 1:00 pm on 20.02). For redemptions, five business days notice remains applicable, days within the freeze period do not count as business days.
Danske Invest Hedge Fixed Income Strategies Fund
Suspended between 12/02/2024 1:00pm CET and 19/02/2024 1:00pm CET
No orders will be processed from 12/02/2024 1:00pm CET to 19/02/2024 (first orders received after 1:00pm on 19.02: Subscriptions will be processed with trade date 26/02/2024 and redemptions trade date 04/03/2024)
The change of service provider to J.P. Morgan will not impact you as investor apart from the above-mentioned days when buying and selling into the funds is not possible. The transition is covered by the funds’ total management and administration fees and will not result in any price increase for investors. No further actions are required on your part as investor.
Commission de Surveillance du Secteur Financier (CSSF) – the Luxembourg financial supervisory authority – and Guernsey Financial Services Commission (GFSC) have approved the switch from CACEIS to J.P. Morgan and the subsequent trading suspension for up to five valuation days.
You can read more in the Shareholder Notice for Danske Invest SICAV-SIF (available in English), and in the Shareholder Notice for Danske Invest PCC Limited (available in English).
