Life settlements fund EEA has written to shareholders of the suspended traded life policy investments (TPLI) fund, ahead of an FSA consultation on the asset class.
Dealing in the £600m fund was suspended in December after EEA reported "unprecedented redemptions", following the FSA's decision to ban the sale of TPLIs to retail investors. In the letter, chairman Mark Colton offered three "restructuring" options for investors after the FSA publishes its final judgement, expected in the next few weeks. Clients can "continue to hold existing shares in cells in the continuing fund, with some additional dealing restrictions (such as a lock-in period)." Alternatively, existing shares in the fund can be exchanged for shares in "a run-off vehicle," whe...
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