Suspension lifted - FP Symphony International Balanced fund
The FP Symphony International Balanced fund commences pricing again following receipt of proceeds from the liquidating underlying fund, and changes name to the FP Harmony USD Balanced fund.
Impacts on closed products with access to
Proceeds equating to 84% of the fund value, representing the assets that were liquid and could be sold, have now been paid back to us. We have therefore commenced pricing the fund again. As the unit price has been calculated based on the 84% of proceeds paid to date it will be lower than that calculated just prior to the suspension date. As we have no timescales as to when, or if, we will be able to recover proceeds from the remaining illiquid assets, we believe that activating the fund based on proceeds received to date is in the best interests of policyholders.
FP Symphony International Balanced (USD) fund change of name
As previously advised the fund will have a new underlying fund link, the Harmony Portfolios US Dollar Balanced fund, a sub-fund of the Momentum Global Funds SICAV. Subsequently, the fund will be renamed to the FP Harmony USD Balanced fund to reflect this.
It is not possible for the investment manager to give us a timescale as to when, or if, the remaining 16% of non-liquid assets could be paid back to us. However, should we receive any further payments from the investment manager at a future point for these assets, the proceeds will be added to the FP Harmony USD Balanced fund and reflected in the published unit price.
Letters have been issued to affected policyholders providing an update on the current position. A copy has been sent to their servicing adviser for information. Sample letters can be viewed opposite.