Broker funds - Fund updates

Update - Global Strategic Balanced broker fund - Published: 09 Nov 2020

This is an update for the Global Strategic Balanced broker fund which suspended trading in March 2013 following the suspension of its underlying fund link, as a consequence of liquidity problems. The Court has now moved this into formal Winding-up/Liquidation.

Fund Prospectus Changes - VAM Driehaus funds - Published: 06 Dec 2017

Effective 31 December 2017, VAM Driehaus have made changes to Appendix II of the fund prospectus. The changes affect our guided-architecture products Quantum, Quantum Malaysia, Oracle and Paragon.

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 - 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.