Investors in suspended traded life policy fund EEA Life Settlements will share £56m in proceeds from the sale of some of its assets, though a shareholder group has voiced concerns the deal strips future value from the fund.
An undisclosed purchaser of 188 of the fund's US life insurance policies, all with estimated maturity dates of more than four years, bought the dollar denominated assets for $130m (£83.3m). The board of directors of the fund intends to distribute £56m of that to holders of run-off shares, who EEA said make up around 60% of shareholders in the fund, with proceeds paid in early November 2015. Prior to the sale the board put the total value of the fund at $588m (£376.8m) at the end of July, down from $602m in May. Adopt an investor The asset sale comes hot on the heels of an an...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
