What does this mean for
customers invested in the Woodford Equity Income fund?
We will calculate your clients’ share of the money sent to us by
LFS and move it to another fund called the Artemis Income Fund. This fund has
been chosen because it closely matches the characteristics of the LF Woodford
Equity Income Fund.
We’ll continue to do this as, and when, we get more money from
LFS. We will aim to complete each switch transaction into the Artemis Income
Fund within a week of the funds being received, subject to staff availability
during the current Covid-19 pandemic. These will be effective from our date of receipt.
We will confirm the switches by sending a fund switch statement each time.
For clients invested in the mutual fund directly through their
self-invested policy we will retain it in the cash account until we receive
instructions from you or your clients. We will write to you once this is in
your clients’ cash account.
We will continue to update you as and when LFS release further
investments.
There will continue to be restrictions on policy transactions
for as long as your client has investments in the LF Woodford Equity Fund, and
we’ll contact you/them where appropriate.
Where can I find out more?
Further information can be found by visiting the Link Fund Solutions website.
You can always contact us if
you have any questions. You can also view details of the funds your clients’
are invested in online. To do this you’ll need to be registered for our online
services. Registering is easy, just visit our registration page.
Please note that the date quoted above is estimated and may
change.