Threadneedle shuts money market fund

clock

Threadneedle is closing its UK Money Securities fund after it experienced huge losses and redemptions since the start of the credit crunch in summer 2007.

The fund, managed by Paul Witchalls, saw its assets fall from around £520m in May 2007 to around £127m now, according to the firm, which says it has received approval from shareholders and the FSA to begin closure proceedings. Threadneedle says it will not compensate investors for capital losses sustained during investment in the fund, which is expected to close on 14 December, although it will pay for most costs associated with its closure. UK Money Securities invested in a wide range of cash and money market securities and its investment strategy over the past five years has include...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on UK

UK businesses to pay four times more for electricity than in 2020
UK

UK businesses to pay four times more for electricity than in 2020

Calls for Covid-style support for energy bills

clock 25 August 2022 • 1 min read
UK

IA Global sector enjoys record £934m sales in April

Reduced UK outflows

Sam Shaw
clock 06 June 2019 • 2 min read
UK

Dan Kemp: What UK investors can learn from the Champions League

Set new goals

Dan Kemp
clock 31 May 2019 • 3 min read