Fidelity Investments announced today that it is suspending trade in funds which have a 5% or mo...
Fidelity Investments announced today that it is suspending trade in funds which have a 5% or more exposure to US stocks or are denominated in US dollars.
The group said that following the events in the United States on September 11 and the effect on US stock, bond and currency markets it had to take certain steps in respect of its fund ranges.
The statement reads:
We have temporarily suspended dealing through all of Fidelity's online fund services. This includes Fidelity's own funds and all other funds available through FundsNetwork. If you wish to place a deal please phone Fidelity on the contact numbers below.
We will monitor the situation very closely and will continue to carry updates on our website and our phone messages with the latest information about dealing in Fidelity's own funds and all other funds through FundsNetwork. If you would like market commentary, www.fidelity.co.uk will be regularly updated.
All dealing online is suspended through FundsNetwork pending further information on the market conditions and the policy of the 34 Fund Partner firms linked to the service.
FundsNetwork deals may be submitted to us by phone or on paper. We will proceed with submission of these deals at the next dealing point, however, if the fund involved is suspended for dealing purposes the deal will not be placed. Please note that such deals will not be queued for the next available dealing point. Such deals will be deemed cancelled and they will therefore regrettably have to be re-submitted by the client/adviser. In such cases clients will be informed of what is required by letter.
Fidelity Funds (Luxembourg SICAV)
In addition to suspending online dealing, the board of Fidelity Funds has decided to suspend all dealing in all funds that have an exposure of 5% or greater to US securities, together with all funds or share classes denominated in US dollars.
The suspension has meant that no valuation was possible for the affected funds at 5pm Tuesday September 11 with the result that orders placed with us after the previous day's valuation point (5pm Monday September 10) have not been dealt. Any orders received after 5pm Monday 10 September involving a purchase or redemption of an affected fund (including switches) will not have been transacted and are cancelled. Any customer who placed such an order will receive a letter of explanation.
The situation will be kept under continuous review and we would hope to open the affected funds as soon as practicable.
Fidelity Investment Funds, Fidelity Institutional Funds (UK OEICs), Fidelity Funds II and Fidelity Funds Cash Funds
These funds are priced at 12 noon and the valuation and orders received before then were carried out as normal at noon on Tuesday September 11 prior to yesterday's events. However, there will be a review regarding the Wednesday September 12 valuation point and it is possible that some funds with exposure to the US within the range may be suspended.
We will continue to accept orders up to and until a decision is made to suspend. Should we have to suspend, then the orders taken will not be dealt. Please note that such deals will not be queued for the next available dealing point. Such deals will be deemed cancelled and they will therefore regrettably have to be re-submitted. If the deal is placed, a contract note will be sent as usual.
Placing and checking the status of deals
If you are a direct customer, you can place a deal by calling Investorline on 0800 414161. You can check the status of your deal either via this website, by calling Investorline or by checking on PhoneXpress on 0800 414124.
If you invest via a broker, then you can check by calling our Serviceline on 0845 744 6600 or by using the website or PhoneXpress on 0800 414124. Broker clients with enquiries regarding FundsNetwork deals, please phone 0800 995511.
Advisers can check the status of deals through the Client Management Service on our website at www.fidelity.co.uk/ifa or by ringing the Fidelity Brokerline on 0800 414181. For enquiries regarding FundsNetwork deals please phone 0800 995511; we will send e-mail updates to Advisers at sensible intervals when we have more information from Fund Partners. Adviser clients can check the status of deals by calling our Serviceline on 0845 744 6600, or by using the website or PhoneXpress on 0800 414124.
Our ShareNetwork online brokerage service is available to direct clients as usual. However, due to the current situation we cannot guarantee being able to execute any orders with any financial exchange. Clients should be aware that orders and limits might not be executed.
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