Point 19 of Annex VIII of the Delegated Regulation states that “In the case of mergers referred to in Article 2(1)(p)(i) and (iii) of Directive 2009/65/EC, only the past performance of the receiving U

In the case of a merger where the receiving UCITS or AIF is a newly established UCITS or AIF with no performance history, UCITS or AIFs should use the past performance of the merging UCITS or AIF in the disclosure of past performance of the receiving UCITS or AIF if the competent authority of the receiving UCITS or AIF reasonably assesses that the merger does not impact the UCITS or AIF’ performance. It is expected that the performance of the UCITS or AIF would be impacted if there is, inter alia, a change to the investment policy or to the entities involved in the investment management. It should also be made clear in the disclosure of past performance of the receiving UCITS or AIF that the past performance is that of the merging UCITS or AIF.