Life settlements fund EEA has generated nearly £40m in revenues in the last two months, despite its suspension following "unprecedented" redemption requests.
The fund's suspension followed an announcement by the FSA that it planned to ban the sale of traded life policy investments (TPLIs), which purchase mainly US life insurance policies. However, between the £600m fund's closure to new business on 1 December and the beginning of this month, 36 policies have matured totalling $62m (£39m), at what the company called above-normal levels. Marketing director Peter Winders said the figures were validation that the fund continued to generate positive returns, despite FSA pressure. "Though the fund is suspended, it continues to generate return...
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