Fund suspension - Janus Henderson UK Property PAIF
We have received a notification from Janus Henderson Investors informing us that with effect from 12 noon on 16 March 2020, all dealing activity in the Janus Henderson UK Property PAIF has been suspended until further notice.
Impacts on
this defined fund range product
Impacts on
open architecture products, including:
- PIMS
- Choice
- Select
Why has Janus Henderson suspended the fund?
The board of Henderson Investment Funds Limited has been advised by CBRE, the appointed independent valuer of the Fund, that with immediate effect they have material uncertainty around the valuation of UK physical properties across the market, and therefore by inference the assets in the portfolio, due to the COVID-19 pandemic. This material uncertainty extends across all UK property fund valuations issued by CBRE and was agreed to by all independent fund valuers. Given this uncertainty, the Board of Henderson Investment Funds Limited has decided to temporarily suspend dealing in the Janus Henderson UK Property PAIF, and its associated Janus Henderson UK Property PAIF feeder fund, to protect the interest of all investors. This decision is consistent with the new rules issued by the Financial Conduct Authority (FCA).
Dealing requests received since 12 noon valuation point on 16 March 2020 will not be accepted during the suspension period. The decision to suspend dealing was taken in agreement with the Funds’ Depositary, NatWest Trustee and Depositary Services Limited, and the FCA has been informed.
When might the fund re-open?
Janus Henderson will announce a date for re-opening of the fund when this period of uncertainty has passed and property valuations are more certain. They will endeavour to satisfy themselves that the funds will not face re-suspension in the short term. They will look to notify clients ahead of the re-opening. The suspension will cease as soon as practicable and will be formally reviewed at least every 28 days. Regular updates will be provided on their website at hgi.co/property-paif. In the meantime, Janus Henderson will continue to actively manage the fund and all fund reporting will continue as normal. The fund will continue to be valued during the suspension so indicative prices will continue to be reported.
For more information please view the shareholder notification and sample investment adviser letter opposite.