Suspension of L32 Emergent India Fund

04 Jun 2021

We have been notified by Emergent India Investments Ltd (the “Company”) of their recent decision to close the underlying fund of L32 Emergent India Fund to further subscriptions, which took effect from 20 May 2021. 

Consequently, we have made the decision to suspend L32 Emergent India (the “Suspended Fund”) with immediate effect. As a result, we are unable to accept any further subscriptions into or redemptions of L32 Emergent India.

Any affected policyholders who are currently making ongoing regular premium contributions to L32 Emergent India will have the premiums redirected into the below described Default Fund, with immediate effect.

Details of the Suspended Fund and the Default Fund are set out in the table below.


Suspended Fund

Default Fund

Fund name

Emergent India

Aberdeen Standard SICAV I Indian Equity

Fund code






Investment objective of the underlying fund

The investment objective of the underlying fund is to generate long-term capital growth by investing through the UCITS principally in companies established in or operating in India. The underlying fund will acquire Units in the class F USD shares of the UCITS.

The UCITS is a sub-fund of RAMS Equities Portfolio Fund, an investment company with variable capital (société d’investissement à capital variable, “SICAV”), established on 21 September 2015 in the Grand-Duchy of Luxembourg under the Law of 10 August 1915 relating to commercial companies and Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investments (transposing the Directive 2009/65/EC of the European Parliament and of the Council (the “UCITS Directive”). The SICAV is an undertaking for collective investment in transferable securities and/or other permitted liquid financial assets (“UCITS”) for the purposes of the UCITS Directive.

The benchmark index for the underlying fund and the UCITS is the MSCI India Index.

The underlying fund’s investment objective is long term total return to be achieved by investing at least two-thirds of the underlying fund’s assets in equities and equity-related securities of companies with their registered office in India; and/or, of companies which have the preponderance of their business activities in India; and/or, of holding companies that have the preponderance of their assets in companies with their registered office in India.

The underlying fund is actively managed. The underlying fund aims to outperform the MSCI India Index (USD) benchmark before charges. The benchmark is also used as a reference point for portfolio construction and as a basis for setting risk constraints.

In order to achieve its objective, the underlying fund will take positions whose weightings diverge from the benchmark or invest in securities which are not included in the benchmark. The investments of the underlying fund may deviate significantly from the components of and their respective weightings in the benchmark. Due to the active nature of the management process, the underlying fund’s performance profile may deviate significantly from that of the benchmark over the longer term.

Ongoing Charges Figure (OCF) of the underlying fund

1.75% management fees plus additional expenses of 1% per annum over & above management fees

The ongoing charges figure is based on expenses for the year ending 30/09/2020. This figure may vary from year to year.

Risk profile*
(determined by Friends Provident International for reference only)



* The risk/reward profile is determined by Friends Provident International from information provided by the underlying fund houses and is based on the following characteristics of the underlying fund: 

  • volatility;
  • asset type; and
  • geographical region.


The risk/reward profile will be reviewed and, if appropriate, revised at least yearly by Friends Provident International as a result of our ongoing research analysis. The information given in the risk/reward profile is for reference only.

Whilst appropriate due diligence has been carried out on the Default Fund we do not accept any liability for the future performance of this, or any other FPIL fund. 

Should you have any questions regarding these changes, please contact International Funds & Investments.