Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter