Why is the fund
closing?
Janus
Henderson Investors (Janus Henderson) believe that due to ongoing uncertainty
in this property fund sector, they’d generate better returns for investors by
closing the fund and selling all its property to a single buyer.
You can view a reminder of the funds’ suspension, as well as the affected
funds in our previous news article here.
What are the next steps in
closing the funds?
On 28 April
2022 the Board of the Funds’ Authorised Corporate Director (ACD)/Manager
exchanged contracts with the selected single purchaser of the fund’s direct
property portfolio. Janus Henderson
stated that the sale price is above the most recent independent valuation used
to price the funds and have said it “believes this provides a good outcome for
investors given the ongoing uncertainty faced by daily dealing property funds”.
Janus Henderson currently
expects the sale process to complete in the week commencing 30 May 2022, with
the payment of proceeds expected about two weeks after.
How does this affect my
policy?
- You’re unable to pay
into, or make one-off withdrawals from the fund.
- Janus Henderson are continuing to apply fund charges and expenses.
For non self-invested policies
- If you have any
ongoing transactions that are impacted by this suspension, we’ll let you, and
your adviser if you have one, know what action you can take.
For self-invested policies
- you may wish to
review any regular investment or disinvestment instructions associated to the
fund. Income and charges will continue to be paid provided there is sufficient
cash in your cash account.
How and when can I get
back the money I invested in this fund?
We’re hoping to receive
your share of the fund sale proceeds from Janus Henderson in the week
commencing 13 June 2022. We’ll then pay them into your policy, as units in the Phoenix Wealth Legal & General
Property Trust fund. We’ve selected
this fund as it’s reasonably similar to the Janus Henderson UK Property fund
that you’re currently invested in.
The exact
timing will depend on how long it takes for the sale to complete. After this date there
may also be further payments for self-invested policies that are directly
invested in the Janus Henderson UK Property PAIF Feeder funds. These payments
won’t be automatically invested and will remain in the SIPP Cash Account unless
you send us alternative instructions.
What do I need to do?
You don’t need to do
anything if you’re happy with us paying your share of the proceeds into the Phoenix
Wealth Legal & General Property Trust fund. Otherwise, please let us know at the latest by 8 June 2022 if you’d like
your money paid into a different fund. Your adviser will know how to send us
your instruction.
If you don’t have an adviser,
here’s what you’ll need to do:
For non self-invested
policies:
- Please send us your instruction by email to drawdown@phoenixwealth.co.uk
or write to us at Phoenix Wealth, Po
Box 1393, Peterborough, PE2 2TP.
For self-invested policies:
If we don’t get your instructions in time, your money will initially go
into the Phoenix Wealth Legal & General Property Trust fund and then we
will switch it according to your instructions, subject to the terms and
conditions of your policy.
We strongly recommend that you discuss this with your financial adviser
who will be able to review your investments and advise you. If you don’t have
an adviser you can find one by visiting Unbiased.
Where
can I find out more?
-
About
the fund closure: more information
can be found on the Janus Henderson website.
-
Fund
research: you can find details of alternative funds and the Phoenix
Wealth Legal & General Property Trust fund, including performance and a factsheet through
our fund information centre.
-
Your
existing fund portfolios: you can view the funds you’re invested in online. To
do this, you’ll need to be registered for our online services. Registering is
easy – for non self-invested policies, just visit our registration page here.
You can also contact us – we’re here from 8.30am to 5.30pm, Monday
to Friday.