Group closes Isle of Man Tep fund

lack of investor interest forces shepherds group to close £4m tracked endowment portfolio

Shepherds Group is to close its Isle of Man-based Traded Endowment Policies (Tep) fund because it is no longer economical to manage. The company is also expecting to be paid capital into its Traded Life Policy (TLP) fund, while the long-running legal case involving viatical and life settlement company Mutual Benefits Corporation (MBC) continues. Mike Abrahams, chairman of Shepherds Group, said: "We are to close the Tep fund due to a lack of interest. There is only around £4m in assets and it is therefore too expensive for us to continue managing the portfolio." In a letter to sharehol...