Troubled Shepherds closes TEP fund

Shepherds Group is to close its Isle of Man-based Traded Endowment Policies (Tep) fund because it is no longer economical to manage. The company is also expecting to be paid capital into its Traded Life Policy (TLP) fund as the long-running legal case involving viatical and life settlement company Mutual Benefits Corporation (MBC) continues. Mike Abrahams, chairman of Shepherds Group, said: "We are to close the Tep fund due to a lack of interest. There are only around £4m in assets and therefore it is too expensive for us to continue managing the fund. It is just not going anywhere." In ...