We wrote several months ago to let customers know that a number of funds with underlying investment in Russia that they held had been suspended. The JPM Emerging Europe Equity Fund (which we referred to as the OMR JPM Emerging Europe Equity Fund in our previous letter) was one of these funds.
The Fund Manager of the underlying fund, JPM, has decided to transfer the available assets which weren’t linked to Russia from this fund to a new fund, called the JPM Emerging Europe Equity II Fund. This new fund will not be suspended, therefore we will be able to add units back into policies for the equivalent value in the OMR JPM Emerging Europe Equity II fund, after which customers will be able to transact on this new fund.
Please note that because customers will still have some money invested in the original JPM Emerging Europe Equity Fund, the existing restrictions on what they can and can’t do will still apply. You can read more about this in our previous letter (called ‘Russian-linked fund suspensions’) or at: reassure.co.uk/article/russian-funds.
We are aiming to have all relevant payments calculated and made to customer plans by the end of January. A further letter will be issued once the payment has been made.
The Fund Manager First Sentier has advised that they are closing the fund to all purchases with immediate effect whilst they complete the process of closing the fund. The decison to close the fund has been taken due to the value of assets held in the fund falling to a level at which it is not financially viable for Fund Manager to continue its management.
The fund is still open for redemptions, so customers are still able to withdraw and switch out of the fund until valuation point 24/01/2023.
The Fund will close on 25/01/2023. We will provide an update to customers invested shortly explaining what this means for them and what their options are.
The Fund Manager First Sentier has advised that they are closing the fund to all purchases with immediate effect whilst they complete the process of closing the fund. The decison to close the fund has been taken due to the value of assets held in the fund falling to a level at which it is not financially viable for Fund Manager to continue its management.
The fund is still open for redemptions, so customers are still able to withdraw and switch out of the fund until valuation point 24/01/2023.
The Fund will close on 25/01/2023. We will provide an update to customers invested shortly explaining what this means for them and what their options are.
The Fund Manager (Columbia Threadneedle) has advised that they have suspended the underlying fund that is held by the OMR CT (Threadneedle) UK Property Auth Trust. As a result, we have suspended the OMR fund until further notice.
The suspension has been put in place on the underlying holding due to the level of cash in the Fund reducing to a level where future redemption requests would not be able to be met until an orderly sale of assets has completed. There has been no indication when the suspension will be lifted.
We will shortly be issuing a letter to all investors in the fund providing further information about the action we have taken and how this suspension will impact them.
The fund was incorrectly noted as suspended when policies came to ReAssure from Old Mutual. The fund is available for new investment and the online information has been updated.
Due to the impact on local market conditions of the escalating conflict between Russia and Ukraine, we have been notified by Fidelity that they are closing this fund to all purchases. This means customers are not able to pay into the fund whilst the suspension is in place.
The fund is still open for redemptions, so customers are still able to withdraw and switch out of the fund.
The Fund Manager has advised that the suspension has been put in place whilst they complete the process of selling all the property assets held within the fund to a single buyer. The decision to sell these assets has been taken due to persistent outflows from the fund, and the expected continuation of this trend, which would adversely affect the overall performance of the fund in the longer term for its remaining investors. The Fund Manager believes that the sale of its assets in this way will deliver the best outcome for investors.
The Fund Manager cannot advise how long this sale process will take, however they expect to be able to release proceeds to investors at the end of April 2022. The suspension will be formally reviewed at least every 28 days.
The Fund Manager has advised that the suspension has been put in place whilst they complete the process of selling all the property assets held within the fund to a single buyer. The decision to sell these assets has been taken due to persistent outflows from the fund, and the expected continuation of this trend, which would adversely affect the overall performance of the fund in the longer term for its remaining investors. The Fund Manager believes that the sale of its assets in this way will deliver the best outcome for investors.
The Fund Manager cannot advise how long this sale process will take, however they expect to be able to release proceeds to investors at the end of April 2022. The suspension will be formally reviewed at least every 28 days.
The Fund Manager has advised that the suspension has been put in place whilst they complete the process of selling all the property assets held within the fund to a single buyer. The decision to sell these assets has been taken due to persistent outflows from the fund, and the expected continuation of this trend, which would adversely affect the overall performance of the fund in the longer term for its remaining investors. The Fund Manager believes that the sale of its assets in this way will deliver the best outcome for investors.
The Fund Manager cannot advise how long this sale process will take, however they expect to be able to release proceeds to investors at the end of April 2022. The suspension will be formally reviewed at least every 28 days.
The Fund Manager has advised that the suspension has been put in place whilst they complete the process of selling all the property assets held within the fund to a single buyer. The decision to sell these assets has been taken due to persistent outflows from the fund, and the expected continuation of this trend, which would adversely affect the overall performance of the fund in the longer term for its remaining investors. The Fund Manager believes that the sale of its assets in this way will deliver the best outcome for investors.
The Fund Manager cannot advise how long this sale process will take, however they expect to be able to release proceeds to investors at the end of April 2022. The suspension will be formally reviewed at least every 28 days.
