This
document is important and requires your attention. If you are in
any doubt as to content of this document, you should seek advice
from your independent legal, financial or professional
advisor.
All
capitalized terms used herein but not defined shall have the same
meaning as in the latest prospectus (“Prospectus”) of the
FlexShares ICAV (the “ICAV”), including the latest supplements of
each sub-fund (the “Funds”, each a “Fund”) of the ICAV
(“Supplements”, together with the Prospectus, the “Offering
Documents”).
Date:
27 June 2024
Notice
to Shareholders of FlexShares ICAV
IMPORTANT
– PLEASE READ
Dear
Shareholder,
We are
writing to you to notify you of the changes to the ICAV detailed
below.
Although
these changes do not require Shareholder approval, and this
document does not require you to take any action, we recommend that
you read this letter carefully.
The
implementation of the changes will not affect the ongoing
authorisation of the ICAV.
Change
of Manager to the ICAV
Subject to
the conclusion of all necessary formalities and the approval of the
Central Bank, it is intended that that the existing Manager of the
ICAV, Northern Trust Fund Managers (Ireland) Ltd (“NTAM”),
will be replaced by Waystone Management Company (IE) Limited
(“Waystone”)
as the Manager of the ICAV on or about 0:01am on 12 July
2024, or such later date as the Directors may determine (the
“Effective
Date”) for
commercial reasons (the “COSP”).
Information
regarding Waystone
Waystone
is authorised and regulated by the Central Bank as a UCITS
management company, alternative investment fund manager and service
provider to funds.
Waystone
has been authorised in Ireland
since 2014, has approximately €185 Billion in assets under
management as at 31 December 2023 and
manages 810 funds in Ireland.
Waystone’s registered office located at 35 Shelbourne Road,
Ballsbridge, Dublin 4,
Dublin,
Ireland.
Waystone
is part of the Waystone group of companies (the
“Waystone
Group”), which
is a worldwide leader in fund governance, based in Dublin.
Waystone
also has offices in Cashel, Cayman, Luxembourg, London, Hong
Kong, Singapore and
New York, led by principals
experienced in their specialist markets.
Operational
considerations
As part of
the COSP, the ICAV will terminate the Management Agreement between
NTAM and the ICAV, and the ICAV will enter into a new Management
Agreement with Waystone. Other existing contractual
relationships to which the ICAV and NTAM are parties will either
be novated to
Waystone, or new agreements will be put in place with Waystone, and
there will be no increase in the fees payable by Shareholders, as
set out in the “Fees and Expenses” section of the
Prospectus.
Other
Changes
In
connection with, and subject to the conclusion of all necessary
formalities and approval of the Central Bank of the COSP, it is
also proposed, for commercial reasons, that: (i) the current
Company Secretary, Matsack Trust Limited change to Waystone
Management Company (IE) Limited; (ii) the registered address of the
ICAV will be changed from George’s Court, 54-62 Townsend Street,
Dublin 2, Ireland to 35 Shelbourne Road, Ballsbridge,
Dublin 4, Ireland; and (iii) subject to Central Bank
approval, the name of the ICAV will be changed from FlexShares ICAV
to Waystone ETF ICAV (the “Name
Change”).
No
Action Required by Shareholders
There will
be no change to the investment approach, investment risk profiles
or increase in fees payable by the shareholders of the ICAV and
Funds as a result of the abovementioned changes.
The
shareholders will not bear the costs of this change.
Revised
Offering Documents (with details of the material terms of the
agreement between the ICAV and Waystone, as well as other
amendments), will be available on request from the Website
www.flexshares.com once Central Bank approval for the COSP and Name
Change has been received.
Should you
have any questions in relation to the above, please contact the
Manager between 9.00 am and 5.00 pm
Irish time.
Yours
faithfully
____________________
Director,
for and on behalf of
FlexShares
ICAV
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