RL360 Fund Suspension Update: Global Strategic Balanced fund
This article relates to the fund update published on 8 March 2013 - 'Suspension of the Global Strategic Balanced broker fund'.
Impacts on closed products with access to
The directors of the suspended Strategic Growth fund (the 'cell'), which is the underlying asset to the Global Strategic Balanced broker fund, have provided an update.
They have issued a circular to shareholders with a proposal to provide liquidity from the cell in order to attempt to satisfy the large number of redemption requests they have received. The proposal will be taken to a general meeting on the 14 August 2013 where shareholders can vote for or against the proposal. RL360 is the registered shareholder of the cell on behalf of policyholders and as such will be voting in favour of the proposal.
There are no further details available regarding the future of the fund, but we will pass on any information issued by the directors when we receive it, including the outcome of the general meeting.
Letters have been issued to affected policyholders providing details of the latest information supplied. A copy has been sent to their servicing adviser for information.
Sample letters can be viewed opposite, along with the detailed liquidity proposal issued by the directors of the Strategic Growth fund.
To read the fund update issued on 8 March 2013 click here.