Just had an email from Luke saying i’ve received an important notification regarding my investment in the Genesis Emerging market fund logged in no notification i can’t even see where in the app i go to see these messages ? is this an error has anyone else got this email ?
Not sure why the details weren’t in the email but here is some info for you
The board of the former “Genesis Emerging Market Funds” decided to fire Genesis and hire Fidelity to manage the fund. This was approved by a ~60% in favour vote. (Freetrade don’t support voting)
There will be reduction in management fee from 0.9% of net asset value to 0.6%
The ticker is also changing to FEML
Genesis was more of a value investor whereas Fidelity is more Quality/Growth. Manager Nick Price has a decent track record
Tender offer for up to 25% of the shares in issue at a 2% discount to the prevailing NAV per share, so shareholders wishing to realise part, or potentially all, of their investment will be able to do so. (Doubt Freetrade would support this)