Shepherds fund changes

group to convert traded life fund into closed-end vehicle to cut costs on suspended product

The Shepherds Group has asked the Isle of Man regulators for permission to convert their Traded Life Policy (TLP) fund into a closed-ended vehicle. Shepherds said this would make the fund cheaper to administer and therefore cost investors less money, as the product has been suspended since May 2004. This follows Shepherds' decision to abandon attempts to move the TLP fund from the Isle of Man to the Cayman Islands and comes a month after the group shut its London office and website following the respective closure, suspension and delisting of three of its funds. Mike Abrahams, chairman...