Gee and Watson

Old Mutual Wealth New Technology

For clients who hold investments with Old Mutual, they will be writing to you shortly to let you know about a forthcoming upgrade to its ‘platform’ technology, due to take place in early 2020.

We believe that this upgrade is excellent news, because it means we shall be able to offer you more choice and flexibility regarding the management of your investments in the future.

After reading the letter and supporting brochure, there is nothing further you need to do.  Old Mutual Wealth will then write to you again in the near future, to confirm the exact date for the technology upgrade.  Once this has been completed, we can then talk in more detail about how the upgraded technology can benefit you.  In the meantime, if you have any questions, please do not hesitate to contact us.

Woodford Equity Income Fund Update

Following the notification last year that the Woodford Equity Income Fund was to close Link Fund Solutions, the Authorised Corporate Directors of the fund, have confirmed that the first tranche of payments to fund holders will be calculated on 24 January 2020, with the initial distribution made to investors on or around 30 January 2020.

Platform investors will likely receive notification of any payments in early February.

We will post another update when more information becomes known

Suspended M&G Property Portfolio Fund Update

Following the suspension by M&G of their property fund on 4 December 2019, an update was provided by M&G on 2 January 2020.

M&G have confirmed that the temporary suspension will continue until further notice, and during this period the main priority of the fund is to increase Cash levels in a ‘controlled manner’.

As at 30 November 2019 the fund was valued at £2.5 billion, with 4.8% held in Cash. Since then £70.4 million of assets have been exchanged or completed, and a further £67.2 million of assets are either under offer or in the hands of solicitors.

We remain comfortable with the situation, and the progress made to date, and will post further updates when more information becomes known.

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