On 19 October 2023, we suspended trading in the Scottish Equitable M&G Property Portfolio fund. This fund invests in an underlying fund managed by M&G Investments. 

Why we’ve suspended trading

As investors have continued to withdraw from the fund and it reduces in size, the underlying fund manager, M&G Investments have decided to suspend the fund and intend to close it at a future date, to be confirmed.

As a result, we’ve suspended the Scottish Equitable M&G Property Portfolio fund and will also be closing it in line with the underlying fund

We’ll shortly be writing to investors in the fund with more detailed information, including how this will affect any payments into and out of the fund.

What does this mean for investors?

This means investors are currently unable to invest in, switch out of or withdraw money from the Scottish Equitable M&G Property Portfolio fund.  

We’ll wait for updates from M&G Investments on when they intend to close the underlying fund – until then the Scottish Equitable M&G Property Portfolio fund will remain suspended. Prior to the closure, we’ll select a suitable alternative to this fund and write out to investors again to inform them about this and what actions they can take.

What current investors need to do

We’re writing to all affected investors in the fund. 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.

We appreciate this may be a concern. Suspended trading is an action only taken to protect investors in times of market uncertainty.