Fundsmith transfers assets to SICAV ahead of Brexit

€2.4bn from Equity fund

Fundsmith has transferred almost €2.4bn (£2.1bn) of assets from Terry Smith's Fundsmith Equity fund to its Luxembourg-based SICAV vehicle in anticipation of the UK leaving the EU.

The assets were transferred in specie to the Fundsmith Equity Feeder fund, which was set up as a feeder fund in November 2011 and restructured as Fundsmith Equity SICAV on 29 March 2019, the date for which Brexit had initially been slated. FCA proposes 'in specie' transfers and unit class conversions to improve platform switching Switching to the SICAV, Europe's equivalent of an open-ended investment company, will mean Fundsmith will have an EU-registered offering post Brexit, allowing non-UK investors to access Smith's portfolio once the UK leaves the EU. The transfer of assets wa...