31 August 2023
Proposed Change of Responsible Entity
As announced in July, abrdn Australia Ltd undertook a process to move from internal trusteeship to external independent trusteeship, with Melbourne Securities Corporation Limited ACN 160 326 545, AFSL 428289) (MSC Trustees) acquiring abrdn Australia Ltd and renaming it MSC Australia Limited ACN 002 123 364, AFSL 240263 (MSCA). Notice has been given to investors summarising the final step of this process with MSC Trustees to accept the appointment as responsible entity upon retirement by MSCA.
The change of responsible entity will not involve any increase to fees or costs and will not have any adverse impact for investors. MSCA believes that the change of responsible entity is in the best interests of investors because MSCA is a wholly owned subsidiary of MSC Trustees and already operates the funds under the same governance framework and utilising the same resources and systems as MSC Trustees. It will avoid duplication of costs of a dual entity structure, ensuring the funds can be operated more efficiently and effectively.
The proposed change of responsible entity is expected to occur on or around 29 September 2023. Further detail of the timing and the manner in which MSCA will be replaced as responsible entity is set out in the notice, which can be viewed and downloaded at: