Generic Links

 

Welcome to RL360°'s

dedicated financial adviser website

For financial advisers only

Not to be distributed to, or relied on by, retail clients

Online Services Secure online services

Sign in | Register

Broker funds: Fund updates

Fund Closures - SPI Assetmaster Broker Funds x 4 - Published: 15 Jan 2016

As the underlying funds that our 4 SPI Assetmaster broker funds link to will be closing on 28 January 2016, we will be formally closing the broker funds and transferring assets into alternative SPI internal funds. This impacts closed products that were sold under the SPILA brand. Policyholders have been written to about the closures and the action we are taking.

Fund Closure - OFS International Balanced Broker Funds - Published: 27 May 2015

Following a long period of suspension, the OFS broker funds have now been formally closed without value. Policyholders have been written to notifying them of what this means in regard to their policy. The closure affects guided architecture products that were sold under the SPILA brand. For full details and to view copies of letters click on this story.

Fund Suspension Update - Advance notice of closure of the OFS International Balanced broker funds - Published: 05 Mar 2015

Following a long period of suspension we will be closing the OFS International Balanced broker funds on 23 April 2015. Letters have been issued to policyholders explaining the reason for the closure and what this means for them. This impacts closed products that were sold under the SPILA brand. For full details and to view a copy of the policyholder letter click on this story.

Fund Update - Global Strategic Balanced broker fund - Published: 08 Feb 2014

Policyholders invested in the broker fund have now had the 20.15% liquid payment from the underlying Strategic Growth fund applied to their policies. Affected policyholders have been written to providing them with an update on the matter. The suspended fund affects closed products that were sold under the SPILA brand. For full details and to view copies of letters click on this story.

Fund Suspension Update - Global Strategic Balanced broker fund - Published: 15 Nov 2013

We have received a small liquid payment from the underlying Strategic Growth fund and will now commence an internal process which will allow policyholders access to the proceeds received. Affected policyholders have been written to providing them with an update on the matter. The suspended fund affects closed products that were sold under the SPILA brand. For full details and to view copies of letters click on this story.

Fund suspension update - Global Strategic Balanced broker fund - Published: 25 Sep 2013

The directors of the Strategic Growth fund, which is the underlying fund to the Global Strategic Balanced broker fund, have issued a further update with regard to the suspension of the asset. Affected policyholders have been written to providing the latest information. The suspended fund affects closed products that were sold under the SPILA brand. Click on this story to view the latest update.

Fund suspension - OFS International Balanced broker funds - Published: 11 Jul 2013

The OFS International Balanced broker funds have been suspended with effect 26 June 2013. The funds invest in two Private Client Portfolio Funds (PCP) which invests assets in funds managed by LM Investment Management Limited that went into voluntary administration in Australia on 19 March 2013. The suspended funds affect closed products that were sold under the SPILA brand. Letters have been issued to affected policyholders advising how it impacts their policy.

Update on the Global Strategic Balanced broker fund - Published: 05 Jul 2013

The directors of the Strategic Growth fund, which is the underlying fund to the Global Strategic Balanced broker fund, have issued an update with regard to the suspension of the asset. Affected policyholders have been written to providing the latest information. The suspended fund affects closed products that were sold under the SPILA brand.

Suspension of the Global Strategic Balanced broker fund - Published: 08 Mar 2013

The direct underlying fund link that the Global Strategic Balanced broker fund invests in has been suspended following a large number of redemption requests. They have done this whilst they manage the redemption process. As a consequence we have had to suspend the Global Strategic Balanced broker fund to protect the interests of our own policyholders. Click on this story for further details and to find out how this impacts our policyholders.

Suspension lifted - FP Symphony International Balanced fund - Published: 15 Jan 2013

Further to our announcement published 23 October 2012, proceeds equating to 84% of the fund value, representing the assets of the underlying fund that were liquid and could be sold, have now been paid back to us. For the remaining 16% of non-liquid assets it is not possible for the investment manager to give us a timescale as to when these may be paid back to us. Therefore, in order to reactivate the fund as soon as possible we have recommenced pricing, based on the 84% received, with immediate effect. The unit price will therefore be lower than that calculated just prior to the suspension date. This fund will now purchase units in the new underlying fund link, the Harmony Portfolios US Dollar Balanced fund. Subsequently, the fund will be renamed to the FP Harmony USD Balanced fund to reflect this. The changes affect all closed products that have access to the SPILA Broker fund range. A client communication has been issued to all affected policyholders.

Fund Suspension - FP Symphony International Balanced - Published: 23 Oct 2012

Financial Partners, the adviser to the fund, are planning to change the underlying fund in order to increase its performance potential. As RL360° are the largest shareholder in the fund, the investment manager has advised that once we redeem our holding, the underlying fund will become too small to manage and will have to be formally closed. They have suspended the fund whilst they undertake the process to sell the assets and return proceeds to investors. In light of this it has been necessary to suspend the FP Symphony International Balanced fund until we receive the redemption proceeds. The suspension affects all closed products that have access to the SPILA Broker fund range. A client communication has been issued to all affected policyholders.

Fund Closure – Forsyth Franco International - Published: 15 Mar 2012

Following the suspension of the Forsyth Franco International Fund in May 2010 due to an underlying asset of the fund going into liquidation, the appointed liquidators have now advised that we have received as much of the liquidating proceeds that are available from the underlying asset. Therefore in the best interests of policyholders we will be closing the Forsyth Franco International Fund on 5 April 2012 allowing policyholders access to the recovered funds. The closure affects products sold by Scottish Provident International Life Assurance (SPILA) prior to 2004 that could only access the SPILA internal fund range. Affected policyholders have been written to to notify them of the closure and intended course of action.