Transfer of management of Norwegian UCITS Nordea Investment Fund Company Finland Ltd

SAKSBEHANDLER:
Arve Sverdrup Drageset

VÅR REFERANSE:
13/10059

DATO:
10.12.2013

Dear Jari Kivihuhta

Transfer of management of Norwegian UCITS

Reference is made to your application dated 31 October 2013 and previous correspondence with Nordea Fondene Norge AS regarding the transfer of management of all UCITS funds managed by Nordea Fondene Norge AS to Nordea Investment Fund Company Finland Ltd.

Transfer of management of Norwegian UCITS funds to a management company with authorisation from another EEA state is subject to authorisation, and is regulated in the Norwegian Act on Securities Funds of 25 November 2011 no. 44 (NSFA) Section 4-1.

The application covers all the 40 funds managed by Nordea Fondene Norge AS which will be managed by Nordea Investment Fund Company Ltd after the transfer. Nordea Fondene Norge AS will accordingly merge with Nordea Investment Fund Company Finland Ltd. The merger will be effective as of 1 January 2014. We have also been informed by Nordea Fondene Norge AS that Nordea Investment Fund Company Finland Ltd, which is the assignee company in the merger, within 1 January 2014 will be renamed Nordea Funds Ltd. It is confirmed in the application that Nordea Investment Fund Company Finland Ltd, as assignee company in the merger, will continue the depositary agreement with JP Morgan Europa Ltd and the outsourcing agreements entered into with Nordea Investment Management AB. An equivalent confirmation of the continuation of the depositary agreement must be provided from the depositary to Finanstilsynet as soon as possible.

Finanstilsynet finds that Nordea Investment Fund Company Ltd fulfils the conditions set out in the NSFA Section 4-1, and hereby grants permission for Nordea Investment Fund Company Finland Ltd to take over the management of the following funds from Nordea Fondene Norge AS:

• Verdipapirfondet Nordea Avkastning
• Verdipapirfondet Nordea Vekst
• Verdipapirfondet Nordea Kapital
• Verdipapirfondet Nordea Norge Pluss
• Verdipapirfondet Nordea Norge Verdi
• Verdipapirfondet Nordea SMB
• Verdipapirfondet Nordea Pengemarkedsfond
• Verdipapirfondet Nordea Likviditet
• Verdipapirfondet Nordea Obligasjon II
• Verdipapirfondet Nordea Likviditet II
• Verdipapirfondet Nordea Likviditet 20
• Verdipapirfondet Nordea Likviditet III
• Verdipapirfondet Nordea Statsobligasjon II
• Verdipapirfondet Nordea Likviditet Pluss
• Verdipapirfondet Nordea Likviditet Pensjon
• Verdipapirfondet Nordea Likviditet OMF
• Verdipapirfondet Nordea Kreditt
• Verdipapirfondet Nordea Obligasjon III
• Verdipapirfondet Nordea Xtra Rente
• Verdipapirfondet Nordea Global
• Verdipapirfondet Nordea Global II
• Verdipapirfondet Nordea Norwegian Equity Market Fund
• Verdipapirfondet Nordea Stabil Avkastning
• Verdipapirfondet Nordea Plan Rente
• Verdipapirfondet Nordea Plan 10
• Verdipapirfondet Nordea Plan 30
• Verdipapirfondet Nordea Plan 50
• Verdipapirfondet Nordea Plan 65
• Verdipapirfondet Nordea Plan 80
• Verdipapirfondet Nordea Plan 100
• Verdipapirfondet Nordea Norden
• Verdipapirfondet Nordea Europa
• Verdipapirfondet Nordea Internasjonale Aksjer 
• Verdipapirfondet Nordea Internasjonale Aksjer II
• Verdipapirfondet Nordea Internasjonale Aksjer III
• Verdipapirfondet Nordea Global Statsobligasjon
• Verdipapirfondet Nordea global High Yield
• Verdipapirfondet Nordea Stabile Aksjer Global
• Verdipapirfondet Nordea Stabile Aksjer Etisk
• Verdipapirfondet Nordea Kredittobligasjon
  

The transfer of the management of the above-mentioned funds implies that the fund rules must be changed with respect to the name of the management company. Finanstilsynet has received an application to change the fund rules of these funds from Nordea Fondene Norge AS which will be handled immediately as a necessary part of the transfer of management process.

The transfer of the management of the funds must be duly notified to the funds' unit holders and must be completed before the merger between Nordea Fondene Norge AS and Nordea Investment Fund Company Finland Ltd enters into force.

According to NSFA Section 3-3(5) and (6) the provisions of NSFA chapters 4, 5, 6, 8, the associated regulations and the rules on conduct of business laid down in NFSA applies to foreign management companies managing Norwegian UCITS through a branch in Norway.

Finanstilsynet kindly asks to be notified as soon as the funds are transferred to Nordea Investment Fund Finland Ltd.

On behalf of Finanstilsynet.

Elisabeth Huse
Special adviser
                                                                               Arve Sverdrup Drageset
                                                                               Senior adviser