View more on these topics

Closepip shuts door on property

Close Investments has temporarily closed the doors on its property investment portfolio.

The suspension also applies to the Active Commercial Estate sub-fund, of which Closepip is a majority shareholder.

The move is expected to last for six months although this is subject to changing market conditions. Close says it will keep shareholders notified of all relevant details.

Close Investments Property chief investments officer Peter Roscrow says: “We continue to believe in the long-term future performance of Closepip which has performed better than the vast majority of competitor open-ended property funds in the last one, three and six months, one and three years.”

Hargreaves Lansdown head of research Mark Dampier says: “No matter how good a UK commercial property fund may be, it is not the asset class to be in at the moment. The hope is that the strong funds will fare better in the long run.”

Recommended

ScotLife adds 16 core funds

Scottish Life has added four investment partners and 16 funds to its core range.The new partners are Allianz Global Investors, BlackRock, HSBC and Newton, which join fund companies including Artemis, Baillie Gifford and Invesco Perpetual.The move brings the total fund choice in the core range to 82. Policyholders will have access to nine new actively […]

Bank manager jailed as warning to fraudsters

A judge has told a crooked bank manager he was sending him to jail as a warning to others.Judge Nicholas Coleman told Robert Daniels, 35, a senior manager with HSBC in Peterborough, as he sentenced him to 18 months in jail: “The terms of this sentencing are not just to punish you and to prevent […]

Fitch downgrades Friends Provident after strategic review announced

Fitch Ratings has downgraded Friends Provident’s insurer financial strength rating to A from A plus and its long-term issuer default rating to A minus from A.It has also changed the outlooks for both these ratings from stable to negative in response to Friends Provident’s announcement of its strategic review today.Friends plans to reshape its UK […]

Smooth running of CAR means articulating added value

Julian Stevens has invited advisers to provide their views on customer-agreed remuneration following the poor experience he had with a prospective client who wanted to renegotiate his “fee”. Julian’s letter actually tells us very little about CAR but an awful lot about the need to articulate value rather than price to a client. We have […]

Show me the money – earnings are central to performance in Europe

Equity markets globally currently remain vulnerable to sharp shifts in sentiment caused by either unexpected or unwelcome outcomes in key upcoming political events (the US and German elections, Brexit and the Italian referendum). These top-down influences, combined with the current low global growth environment, will likely lead to broadly directionless markets, and prolong the current low beta return environment. We do, though, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment