Thursday 21 April 2011

Can I withdraw my money from Assured Fund?

Question
I have units in the Assured Fund C Class KY GBP managed by Policy Selection Limited. This is a traded life policies fund. The fund managers are not responding to enquiries. What can you tell me about this organisation and fund and how I can get my money out of it?Answer
The fund is managed by Cayman Islands based Policy Selection Limited (PSL) and administered by Isle of Man based Blue Sea International. The fund is still running and you should be able to get your money out, although the fund does sometimes have a redemption waiting time of several months or more if there are more sellers than buyers..

According to PSL's latest newsletter annualised performance of C GBP class units since launch (November 2004) has been an indifferent 4.96% and overall fund size is $430 million. Performance since early 2009 has been particularly choppy, with C units down around 10% since then, largely due to exchange rate volatility (the underlying life policies are traded in US dollars and although I think this fund might hedge currency risk, it doesn't appear to have done so sufficiently to avoid fluctuations).

Anyway, to sell units I'd contact the administrators (contact details in the above newsletter). And, in the unlikely event they don't help, contact PSL's UK office - contact details here.

Good luck getting your money out.

Read this Q and A at http://www.candidmoney.com/questions/question438.aspx

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