Advisers with clients in the suspended EEA Life Settlements Fund are to be offered an exit strategy following the Financial Services Authority's (FSA's) decision to ban the asset class for retail investors.
Dealing in the £600m fund was suspended in December after EEA reported "unprecedented redemptions" following the regulator's announcement. In March, chairman Mark Colton wrote to investors offering three "restructuring" options for investors, one of which being to opt for a run-off share class and receive their money back as policies mature. That option could appeal to advisers looking to move client money, without selling to institutional investors at a discount yet to be decided. "One of the options likely to be offered to investors wanting to redeem when the fund reopens is to m...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes