Shepherds asks to convert TLP

The Shepherds Group has asked the Isle of Man regulators for permission to convert the Traded Life Policy (TLP) fund into a closed-ended vehicle. Shepherds said a closed-ended vehicle would be cheaper to administer and therefore cost investors less money as the fund 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 Shepherds Group shut its London office and website following the closure, suspension and delisting respectively of three of its funds. Mike Abraha...