Life settlements fund EEA has written to shareholders of the suspended traded life policy investments (TPLI) fund, ahead of an FSA consultation on the asset class.
Dealing in the £600m fund was suspended in December after EEA reported "unprecedented redemptions", following the FSA's decision to ban the sale of TPLIs to retail investors. In the letter, chairman Mark Colton offers three "restructuring" options for investors after the FSA publishes its final judgement, expected in the next few weeks. Clients can "continue to hold existing shares in cells in the continuing fund, with some additional dealing restrictions (such as a lock-in period)." Alternatively, existing shares in the fund can be exchanged for shares in "a run-off vehicle," wher...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes