Several sub-funds in two Danske Invest funds in Luxembourg are replacing their custodian bank and fund administrator. After a thorough selection process, Danske Invest has appointed J.P. Morgan as the new custodian bank for the two funds in Luxembourg. J.P. Morgan is replacing CACEIS Investor Services Bank S.A.
Suspension of trading in Luxembourg funds for up to four business days in November
In connection with the change of custodian bank from CACEIS to J.P. Morgan, for practical reasons it will be necessary to temporarily suspend trading in Danske Invest SICAV and Danske Invest Allocation for up to four business days towards the end of November. In other words, trading in all sub-funds will be suspended. The dates will vary from fund to fund during the period of 21 or 22 November to 27 November, when it will be possible to resume trading. The dates are dependent on the trading process in the underlying markets and vary to ensure correct settlement and accounting of trades in the sub-funds.
When trading is suspended, it means that no one can buy or sell shares in the funds in scope. The table below shows which funds are affected and on which days trading is suspended.
The purpose of the suspension is to protect you as an investor. In connection with the change of custodian bank, for a period of time it is not possible for the managers to trade the funds’ investments and cash until they have been transferred to the new custodian bank. Trading is thus being suspended to ensure that our shareholders do not trade at an incorrect price. The change of custodian bank is expected to be completed by 28 November 2023 at the latest.
Should plans change, you will be informed via the Danske Invest website.
As an investor in the funds in scope, you will not be affected by the change of custodian bank, apart from the fact that you cannot trade during the above-mentioned days. The change is covered by the funds’ total management and administration fees and will not result in any price increases for investors, and you do not need to do anything in connection with the change.
Commission de Surveillance du Secteur Financier (CSSF) – the Luxembourg financial supervisory authority – has approved the switch from CACEIS to J.P. Morgan and the subsequent trading suspension for up to four business days.
You can read more in the Shareholder Notice for Danske Invest SICAV and Danske Invest Allocation (in English).