7IM suspends dealing in two funds over liquidity concerns

The £33m 7IM Absolute Return Portfolio and £20m 7IM Income Portfolio, which are both sub funds of the 7IM Funds ICVC, have been suspended until further notice, according to a letter to investors, dated March 17. Under the Financial Conduct Authority's Collective Investment Schemes rules, 7IM must always be able to meet its obligations to redeem investors' holdings, the letter said. "Given the ongoing uncertainty around the continued illiquidity of the two assets, which cannot currently be sold, 7IM has been considering options to achieve the best possible outcome for investors, includ...