On 19 October 2023, we suspended trading in the Scottish Equitable M&G Property Portfolio fund and the Scottish Equitable M&G Property Portfolio (ARC) fund. These funds invest in an underlying fund managed by M&G Investments.
The underlying fund manager, M&G Investments, has now informed us they have received regulatory permission to start the closure process of the underlying fund from 29 December 2023. M&G Investments have advised it may take up to 18 months to complete, although there may be some properties in the fund’s portfolio that will take longer to sell.
What does this mean for investors?
While we assess how this impacts the funds above, the Scottish Equitable M&G Property Portfolio fund and the Scottish Equitable M&G Property Portfolio (ARC) fund will remain suspended.
This means investors are currently still unable to invest in, switch out of or withdraw money from the funds.
When we have more information, we’ll communicate with current investors in the fund as required.
What current investors need to do
We wrote to all affected investors in the fund in October advising what they can do to request a transaction. If you’re uncertain about how this affects your investments, please speak to a financial adviser in the first instance. If you don't have a financial adviser, you can visit moneyhelper.org.uk/choosing-a-financial-adviser to find the right one for you.