Information on liquidation of funds
Information on the liquidation of the funds Danske Invest Norsk Likviditet II, org.no 921786700, and Danske Invest Norske Aksjer Institusjon I, org.no 981582020 – (“the Funds”) managed by Danske Invest Asset Management AS (“the Manager”).
The board of Danske Invest Asset Management AS (“the Management Company”) decided on 20 May 2025 to liquidate the Funds. An application for liquidation was submitted to the Financial Supervisory Authority of Norway the same day. The Funds were closed for redemptions and subscriptions until the application was processed by the Financial Supervisory Authority: Informasjon om stenging 20.05.2025
The Financial Supervisory Authority approved the decision to liquidate on 22 May 2025. The liquidation follows the rules in the Securities Funds Act § 5-7 and the Securities Funds Regulation §5-5.
Reason for liquidation
The Assets under Management (AuM) and the number of investors in the Funds have not developed positively in recent years. The Funds have an investment strategy that has not managed to develop a sufficient commercial level, which has resulted in the Funds' AuM being low. This has made it challenging to achieve cost-effective and optimal management. Danske Bank has previously announced a strategic decision that all Norwegian-registered Danske Invest funds will be consolidated into Luxembourg by the end of 2025. The Funds are not part of this strategic decision on relocation. The largest investors (and also most of the AuM) in the Funds recently decided to redeem their holdings, including reinvesting in other funds of the Management Company, which made it necessary to consider immediate liquidation.
Based on the above assessments, the board of the Management Company it was in the best interest of the unit holders to liquidate the Funds.
Timeline for liquidation
The liquidation is planned to take effect on 20 May 2025 (“the Liquidation Date”). Gains from the sale of assets in Danske Invest Norsk Likviditet I will be distributed to unit holders through the issuance of new units, which were distributed on 21 May 2025. A net asset value per unit will be calculated as of the Liquidation Date, which will be paid or made available to unit holders following the agreement.
Consequences for unit holders
The Funds are blocked for redemptions and subscriptions until the liquidation of the Funds is completed. The consequence of the liquidation is that the value of the fund units will be realised into cash and then paid/made available for reinvestment. You will receive the value of your fund units based on the Funds' closing price. Liquidation of the Funds will be considered a realisation for unit holders, which may have tax consequences. The tax consequences will depend on unitholders specific situation, such as how they are organised, product types, entry values, and value development in the Funds.
Costs
Unit holders will not be charged with costs in connection with the liquidation of the Funds. In connection with the liquidation of the Funds, a liquidation settlement will be prepared, which will be audited by the Management Company's independent auditor, Deloitte. The auditor must confirm that neither the Funds nor the unit holders have been charged with costs. The liquidation settlement will be made available.
Best regards
Danske Invest Asset Management AS
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