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AXA have changed the withdrawal strategy for the following funds:
As you would know, AXA have made withdrawal offers on a quarterly basis for some time now. On each occasion investors have had the opportunity to accept or decline the offer of withdrawal.
Since the merger with AMP, these funds have been reviewed, and the long term strategy is to close them. Therefore, withdrawals will now be automated commencing from 3rd October 2011.
Each quarter a portion of your capital invested in any of these funds will be deposited into your nominated bank account automatically.
In the interim, earnings distributions will continue to be paid into your nominated bank account as well, until the withdrawal process is completed.
Because the withdrawal is compulsory, the only action you need to take is to ensure that AXA have your preferred bank account details for payment of the withdrawal proceeds going forward. You can do this by communicating directly with AXA, or by contacting our office. Just be sure to do so prior to 3/10/2011.
Check, and if necessary update your ongoing investment instructions to ensure that all future withdrawal proceeds are invested in accordance with your wishes.
The decision to close the funds is based on a lack of demand now and in the future for this type of fund. However, AXA will continue to actively manage the assets in the best interests of unit holders.
No. The fundamentals of AMIF^ also remain strong:
^ As WAMIF, AIF and WAIF have a significant investment in AMIF (either directly or indirectly) the circumstances surrounding AMIF also apply to WAMIF, AIF and WAIF.
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