Zurich, Switzerland, Europe & Middle East
Singapore, Asia Pacific
London, England, United Kingdom
This notification is to inform you of changes that are expected to arise due to the planned discontinuation of Interbank Offered Rates (IBORs), including the London Interbank Offered Rate (LIBOR) at the end of December 2021 and the consequent changes to certain Schroder funds.
As part of an industry driven reform to strengthen the resilience of global financial markets, some interest rate benchmarks (including London Interbank Offered Rate – (LIBOR) and other Interbank Offered Rates (IBORs)) are being discontinued by the end of December 2021.
A significant decline in interbank lending and some high-profile instances of LIBOR manipulation resulted in the recommendation in 2014 by the Financial Stability Board to transition away from LIBOR and other IBORs to new alternative rates.
In response to this and subsequent announcements from the UK Financial Conduct Authority and other regulators globally, we will be replacing the benchmark for funds that currently use LIBOR with an alternative benchmark. The new benchmarks will be set out in the fund(s) prospectus, the Key Investor Information Document (KIID) and the factsheet. The change is not expected to materially alter the way that a fund is managed or result in any additional charges to the fund. The funds’ allowable investments and the risk profile will also be unchanged to any material extent.
The timing of this transition for each individual fund will differ. Shareholders in funds will be notified in advance of any benchmark changes and from when these will take effect. We will select the benchmark which we believe is the most suitable alternative for any given fund.
UK domiciled funds
If you have any questions about the proposal for any fund that you are invested in, please contact your financial adviser. If you do not have a financial adviser you can find one in your area by visiting www.unbiased.co.uk or call a member of our Investor Services Team on 0800 718 777. Please be aware that Schroder Investment Management Limited does not offer investment advice.
Luxembourg domiciled funds
If you have any questions about the proposal for any fund that you are invested in, please contact your local Schroders office, your usual professional adviser, or Schroder Investment Management (Europe) S.A. on (+352) 341 342 202 or on email at firstname.lastname@example.org Please be aware that Schroder Investment Management (Europe) S.A. does not offer investment advice.
What is a benchmark? A benchmark is a standard against which the performance of a financial asset or a fund can be measured. Benchmarks are used in our funds for a range of purposes including as a standard against which to compare the return or “performance” of the fund, as a target for the fund’s performance and for defining what types and amounts of financial assets the fund may invest in. In some instances, they are also used to calculate performance fees that are paid to Schroders or a third party manager if the fund’s performance rises above a set threshold.
What is an interest rate? An interest rate is the amount a lender charges a borrower for a loan. Interest rate benchmarks are a form of benchmark that a lender may use as an element of the interest rate it charges a borrower for a loan. The lender may add a percentage to an interest rate benchmark to arrive at the amount of interest it charges the borrower. The London Interbank Offered Rate (LIBOR) is the most widely used interest rate benchmark in the world.
Schroders uses interest rate benchmarks as the benchmarks for a number of our funds.
Schroders is a world-class asset manager operating from 37 countries across Europe, the Americas, Asia, the Middle East and Africa.
We would like to inform you that the name of Schroder Investment Management (Luxembourg) S.A. ("SIM Lux") changed to Schroder Investment Management (Europe) S.A. ("SIM Europe") effective 27 June 2018.
For more information, please refer to the Shareholder Letter.
Schroder International Selection Fund is referred to as Schroder ISF throughout this website.
Schroder Alternative Solutions is referred to as Schroder AS throughout this website.
© Copyright 2020 Schroder Investment Management (Europe) S.A.
This site is designed for Institutional Investors. We define "Institutional Investors" as Institutions with the appropriate expertise and knowledge eg Asset Managers, Distributors and Financial Intermediaries. You should not use this site if you do not fall within this category.
Schroder Investment Management (Europe) S.A. only gives information on its products and services and does not provide investment advice based on individual circumstances. If you are in any doubt about whether an investment is suitable, you should seek independent advice.
The information and materials on this website may be provided in more than one language.
Please read this disclaimer below and agree to the terms before you can access the website.
Schroder Investment Management (Europe) S.A. was launched in January 1995 and provides central support to Schroders' European Mutual Fund Business. Schroder International Selection Fund (Schroder ISF), Schroder GAIA, Schroder GAIA II and Schroder Alternative Solutions (Schroder AS) are Luxembourg registered open-ended investment companies.
Past performance is not a guide to future performance. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Any past performance figures shown are not indicative of future performance. Exchange rate may vary and cause the value of international investments to rise or fall. The levels and reliefs from taxation may change. Tax reliefs referred to are those currently available and their value depends on the circumstances of the individual investor. Investment in emerging markets involves a high degree of risk. Investment in any sub-fund mentioned herein should not be made without careful reference to the relevant prospectus. The information contained in these pages does not form part of any contract, nor can you rely on it for any contractual purpose.
The information contained on this site is not an invitation to subscribe. Subscriptions will only be received and shares issued on the basis of a fund's current prospectus and the latest audited annual report. Copies of each fund's current prospectus and the latest audited annual report may be obtained from Schroder Investment Management (Europe) S.A. or your Schroders branch office.
Schroder Investment Management (Europe) S.A is regulated by the Luxembourg law dated 5 April 1993 (Financial sector) and Schroder International Selection Fund, Schroder Special Situations Fund and Schroder Alternative Solutions are subject to the Luxembourg law dated 20 December 2002.
Disclaimer of Warranty and Limitation of Liability.
Schroder Investment Management (Europe) S.A believes that the provided information is accurate as at the date of publication but no warranty of accuracy is given and no liability in respect of any error or omission by a third party is accepted by Schroder Investment Management (Europe) S.A or its affiliates or any director or employee of Schroder Investment Management (Europe) S.A or its affiliates. In the event of any provision of these Terms and Conditions being deemed unenforceable, the remaining terms and provisions shall be unimpaired and the unenforceable term or provision shall be replaced by an enforceable term or provision that comes closest to the intention underlying the unenforceable term or provision.
Schroder Investment Management (Europe) S.A may modify these Terms and Conditions at any time, with immediate effect and without prior notice.
Schroder Investment Management (Europe) S.A is as concerned as you are about the privacy of any personal information you may provide to us through this site. When you visit this site, you are not required to provide us with any personal information other than your country of residence, unless you choose to do so. Our web server will not recognize your domain name or e-mail address, only your indicated country of residence.
Use of Links
The Website may contain links to Websites published by third parties. Links to this Website may also be included on third party Websites. Schroder Investment Management (Europe) S.A has not reviewed any of the third party Website which link to the Website or to which the Website links. It is not responsible for the content to be found directly or indirectly on any third-party website nor does it endorse or recommend the products and services presented on any such third-party website. Following links to any third-party website or pages shall be at your own risk.
The Website and the information or other material contained in it are not directed to, or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or incorporated or located in any jurisdiction where such distribution, publication, availability or use would be contrary to local laws or regulations, or where Schroder Investment Management (Europe) S.A would infringe any registration or licensing requirement within such jurisdiction.
Electronic Mail Function.
The possibility to communicate by E-mail between you and Schroder Investment Management (Europe) S.A is only a convenience granted by Schroder Investment Management (Europe) S.A. You acknowledge the limitations on the reliability of delivery, timeliness and security of internet E-mail and understand that Schroder Investment Management (Europe) S.A will not be responsible for any loss or damage that could result from your requests not being accepted, confirmed or processed or as a result of your E-mails being intercepted by third parties. As a result of these concerns, you should not send sensitive information by E-mail, which may not be secure. If you do so, you do it at your own risk.
Intellectual Property Rights
The information and materials contained in the Website are protected by intellectual property rights, which are owned or claimed by Schroder Investment Management (Europe) S.A, its affiliated entities or third parties. The information and materials may be displayed and printed exclusively for your personal, non-commercial use, provided that you do not remove any intellectual property right or other notices therein. You agree not to transmit, reproduce or sell the information and materials contained in this Website in whatever form and by whatever means without the express prior written consent of Schroder Investment Management (Europe) S.A.
Applicable Law and Jurisdiction
Your access to, visit to and use of the Website, and the present Terms and Conditions are governed by and shall be construed in accordance with Luxembourg law. The Courts of Luxembourg shall have exclusive jurisdiction over any dispute relating thereto, without prejudice to the choice of Schroder Investment Management (Europe) S.A for having any other court jurisdiction over such a dispute under any applicable law.
The information obtained from MSCI and other data providers, included in reports available from this website, may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used to create any financial instruments or products or any indices. The MSCI information and that of other data providers is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling or creating any MSCI information (collectively, the “MSCI Parties”) and other data providers, expressly disclaim all warranties (including, without limitation any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party or other data provider have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.