Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a648557
Relief for Glanmore investors as redemptions look set to resume
by Sarah Miloudi on Jan 04, 2013 at 12:35
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.
News sponsored by:
Subscribe to Wealth Manager magazine and rack up CPD points
Citywire Wealth Manager has partnered with CISI to enrich the experience of subscribers to our magazine.
Today's top headlines
More about this:
More from us
- Glanmore Property investors may face four-year wait
- Ex Tilney managers’ fury on wait to exit Glanmore property fund
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
On the road
by James Phillipps on May 20, 2013 at 10:29