Investor 'doubts' on FCA liquidity rules see Church House Tenax convert to UCITS

NURS rules come into force in September

Investor concerns about impending Financial Conduct Authority (FCA) rules on the liquidity of Non-UCITS Retail Schemes (NURS) has led to Church House Investment Management converting its Tenax Absolute Return Strategies fund to a UCITS structure.

In the wake of the liquidity issues that ultimately led to the collapse of Woodford Investment Management, in September last year the FCA announced new rules for NURS funds in efforts to ensure investors are "appropriately protected". The new rules, which come into force on 30 September, aim to ensure NURS managers provide investors with clearer and "prominent" information on liquidity risks, and the circumstances in which access to their funds may be restricted. It will also place additional obligations on the managers of funds investing in inherently illiquid assets to maintain plan...