Default Alternative Fund: OMR Invesco UK Growth (UK)
Default Alternative Fund: OMR Quilter Investors Monthly Income & Growth Portfolio
New Fund Name: OMR Invesco UK Opportunities (UK)
New Objective:
To achieve long-term (5 years plus) capital growth by investing at least 80% of its assets in shares or other equity related securities of companies incorporated, domiciled or carrying out the main part of their economic activity in the UK.
The fund typically holds a concentrated portfolio of 35 – 45 stocks.
Please note: Dealing will recommence for the valuation point of Tuesday 13 October 2020. We will accept online instructions from 2pm on 12 October 2020.
Please note: Dealing will recommence for the valuation point of Thursday 17 September 2020.
Please note: Dealing will recommence for the valuation point of Tuesday 8 October 2019.
Please note: Direct Debits will no longer be accepted and will be redirected to OMR Deposit. Phased investment and rebalancing will be cancelled.
Link Fund Solutions, the Authorised Corporate Director (ACD) of the suspended Woodford Equity Income fund, have informed us that the fund will be wound up on 17 January 2020 and that Woodford Investment Management will cease to be the investment manager with immediate effect.
Link Fund Solutions concluded that it was unlikely that the sale of unlisted and less liquid assets would be completed ahead of a planned re-opening in December and therefore an orderly wind up would be in the best interest of all investors
Following the first capital income payment (75.55%) from the fund in late January, we have received the second capital payment from the investment manager, Link Fund Solutions Limited (LFS), and have allocated it to investors, in line with their holdings in the suspended fund. Note that this second payment is much smaller than the first, being equivalent to 19.9% of the Fund’s remaining value as at 10 March 2020. We will be writing to you shorlty.
The fund was suspended on the 3 June 2019 due to an increased level of withdrawals from the fund by investors. The suspension was intended to protect investors who wish to remain in the fund by allowing Woodford time to reposition the element of the fund’s portfolio invested in unquoted and less liquid stocks and shares, in to more liquid investments that would be easier to trade.
The winding up will commence on 17 January 2020 and means that you are still unable to put any money into, or send us new requests to take money out of, the fund.
Link is planning to return cash to you at the earliest opportunity, and has appointed BlackRock Advisors (UK) Limited and specialist broker Park Hill to help sell the assets. The first payment to you is anticipated by the end of January 2020. As the fund is now closed, the money will be returned to you in instalments as the assets are sold off.
We are in communication with Link Fund Solutions and we will communicate further with you once we have further information from them explaining in more detail what the wind up will mean for your investments.
Dealing in the M&G Feeder of Property Portfolio Fund has been suspended with effect from 4 December 2019.
In recent months, continued political uncertainty and ongoing structural shifts in the UK retail sector have prompted unusually high outflows from M&G’s retail property fund. Given that these circumstances and deteriorating market conditions have significantly impacted the manager’s ability to sell commercial property, the manager has temporarily suspended dealing in the M&G Property Portfolio in the interests of protecting customers who are invested in these funds.
The suspension will allow the manager to raise cash levels and preserve value for investors by selling assets in a controlled manner.
At the moment, the suspended fund will still be priced each day, and the value of your units in the M&G fund will be included in the overall value of your investments you will see online and in statements. As it is not possible to buy or sell units in a suspended fund, you will be unable to top-up (either via regular direct debit or on an adhoc basis), switch into or out of the fund or make new withdrawals out of the fund.
In recognition of customers’ temporary inability to access their investment, M&G is waiving 30% of its annual charge, which will end when the funds resume dealing.
The fund suspension will remain in place until we are notified that the suspension instruction has been lifted. Based on the information we have received so far, the suspension could be in place for a number of months.
The global outbreak of coronavirus is impacting property funds. From 16 March 2020 a number of funds have been suspended by the fund management groups.
