Why is the fund closing?
Janus Henderson Investors
(Janus Henderson) believe that due to ongoing uncertainty in this sector,
they’d generate better returns for investors by closing the fund and selling
its assets 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 clients’ policies?
- Your clients are 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 your
clients have any ongoing transactions that are impacted by this suspension,
we’ll let you 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 client’s cash account.
When and how will my clients get their money?
Janus Henderson is
currently aiming to pay proceeds week commencing 13 June 2022, assuming the sale
completes in time. Once we receive your clients’ share of the proceeds, we’ll
pay them into their 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 your clients are currently invested in.
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 the fund we’ve selected
above. Otherwise, please tell us at the latest by 8 June 2022 which fund your
client would like us to invest their proceeds into.
For non self-invested policies
- The quickest way to do this is through My
requests on online services, as it puts it straight into our work
queue. Just choose the ‘Non-standard fund switch/redirect’ drop-down option. It’s easy, take a look at our two minute video.
- If you're not registered for online services,
please send us your instructions by emailing us at drawdown@phoenixwealth.co.uk or write to us at: Phoenix Wealth, Po Box 1393, Peterborough, PE2 2TP
For self-invested policies
- We need your instructions to be on company headed
paper and signed by the adviser named on the policy. For clarity, please
specify “I’d like you to pay my client’s share of the Janus Henderson UK
Property fund sale proceeds into [fund name of your choice]” and include the
policy number. Please scan and email them to us at
isd@sipp-phoenixwealth.co.uk.
If you don't send us an instruction, or if
we don’t get it before we receive the proceeds, we will pay them 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 the policies.
What happens next?
We are
writing to customers with an update and to let them know what action they can
take. Take a look at our template
customer letters here:
Where can I find out more?
-
About the fund closure: more information and the latest updates 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.
-
Clients' existing fund portfolios: you can view the funds your clients are invested in online. To do this, you’ll need to be registered for our online services. Registering is easy:
You can also contact us - we’re here from 8.30am to 5.30pm, Monday to Friday.