VanEck has announced the consolidation of its actively and passively managed UCITS platforms in Europe into a newly established legal entity in Ireland, the VanEck ICAV.
VanEck’s actively managed funds were previously SICAVs domiciled in Luxembourg.
The firm writes that the consolidation of its UCITS platforms marks the next step in VanEck’s business expansion following the integration of VanEck’s European ETF and active fund business into one business unit in 2016.
Torsten Hunke, Managing Director of VanEck Europe, says: “Having both our active funds and ETFs domiciled in one country is an important step in growing our UCITS business in Europe and beyond. This consolidation will maximise efficiency, enhance our resources, and support our future business expansion initiatives.”
All costs in connection with the transfer of assets and the termination of the merging funds, as well as all legal, advisory and administrative costs associated with the consolidation will not be charged to the shareholders, but will be borne by VanEck.
