Stanlib has rationalised its unit trust funds which invest in international markets. The Stanlib Global, Global Brands and Multi-manager Worldwide Fund of Funds were amalgamated into the Stanlib Multi-Manager International Fund of Funds, while the Stanlib Multi-Manager Worldwide Prudential Fund of Funds was amalgamated with the Stanlib International Balanced Fund of Funds.
The mandate of the Stanlib European Growth Fund was changed to include the UK in the investment universe, and to allow the fund to invest in other funds in the UK and Europe. The fund has been renamed the Stanlib European Fund of Funds.
Five foreign currency funds which did not have significant investments were closed. The others were renamed as Stanlib funds and will continue to be managed by Fidelity Funds, Stanlib's offshore partner.
The changes to the rand-denominated funds will result in lower annual management fees for some A-class investors. For example, the annual fee on the Stanlib Multi-Manager International Fund of Funds, has been reduced from 1.42 percent to 1.35 percent and on the Stanlib European Fund of Funds, it has been reduced from two percent to 1.35 percent.