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Shepherds life fund is delisted in Caymans

Pension investors in an offshore traded life fund run by Shepherds are being forced to withdraw their funds after it was delisted.

The Cayman Islands-based Select High Security Fund plc has been disqualified as a qualifying investment for UK pension plans after it was delisted by the Cayman Islands Stock Exchange last month.

Investors in small self-administered schemes and self-invested personal pensions face redeeming their investments and placing them elsewhere.

A statement by the Cayman Islands Stock Exchange said the listing of the fund was cancelled because “the issuer is no longer suitable for listing”.

Shepherds has written to investors, telling them that it interprets this as being because of the suspension of its Select Funds plc which is based in the Isle of Man.

Shepherds says it will make sure that investors are not left out of pocket by the closure but the firm expects IFAs to return commission.

Select High Security Fund director Jeremy Leach says: “IFAs will be expected to return any commission they earned to investors.

“It is difficult not to conclude that this has something to do with the history of the Isle of Man fund. We learn as time goes by and while it not my position to criticise the management team that put the Isle of Man fund in place the Cayman Island fund is not exposed to the same challenges as the Isle of Man fund.”

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