Fund suspension - OFS International Balanced broker funds
The funds have been suspended with effect 26 June 2013
The broker funds are managed by OFS (Asset Management) Limited and were originally added to the Scottish Provident International internal fund range for the purposes of exclusive promotion by OFS International advisers to their own client base.
The broker funds currently invest in two Private Client Portfolio (PCP) funds:
- The PCP Aggressive fund
- The PCP Balanced fund
The directors of the Private Client Portfolio (the "company") have had to temporarily suspend the pricing of both funds due to the fact that LM Investment Management Limited, the entity through which both the Aggressive and Balanced funds invest, was placed into voluntary administration in Australia on 19 March 2013.
The directors of the company have advised that the suspension will impact all existing shareholders of the funds including those who have submitted redemption requests to redeem their holdings. They advise that all reasonable steps will be taken to bring the suspension to an end as soon as possible and will be subject to regular reviews by the directors.
As a consequence of the PCP funds being suspended, this means we are unable to calculate a price for the OFS International Balanced broker funds and have therefore had to suspend the funds. This has been done to protect the interests of our own policyholders.
Letters have been issued to affected policyholders advising of the suspension and how this impacts their policy. A copy has been sent to their servicing adviser for information.
Sample letters can be viewed opposite, along with the suspension notification issued by Private Client Portfolio.