Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Relief for Glanmore investors as redemptions look set to resume

Relief for Glanmore investors as redemptions look set to resume

Investors in embattled property fund Glanmore have finally been handed some good news as it emerged the freeze on redemptions would come to an end in 2014.

It had been feared redemptions could be blocked for up to four years but in a brief note Glanmore directors said the postponement would end next September, leaving open the possibility for redemptions next year.

The latest announcement on Glanmore may come as welcome news for a number of ex-Tilney investment managers who invested their own and client money in the fund, which posted an 82.4% loss over last five years.

Initially, investors stuck in the vehicle had hoped to liquidate their holdings last summer, when a 48-month suspension was due to come to an end. These hopes were quickly dashed, however, as directors hinted at the possibility of a redemption freeze until 2016.

The Glanmore Property fund was managed by commercial property manager and property services group Cardales, which was acquired by Tilney Asset Management in 2004.

Deutsche Bank acquired Tilney in December 2006, just before the fund ran into difficulty when the real estate market turned sour late in 2007. Glanmore’s fund stopped redemptions shortly afterwards and investors have now been frozen out for four years.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter