AIG Life to close £5.7bn Enhanced fund

It says the fund will close on 15 December and has outlined a number of options for policyholders, including the opportunity to transfer assets to a new vehicle. However, it says those wishing to leave the 9,000-member fund are “very likely” to receive less than the current value of their holding as it is being forced to sell some of the fund’s assets at “poor” prices. The announcement follows a decision, on 15 September, to suspend withdrawals from the Enhanced fund due to a large number of requests. AIG Life says the action was necessary to protect the interests of those policyholders...