SJP WILL NOT CLOSE INVESTMENT ACCOUNT PROPERTY FUND AMOUNTS WITHHELD

coyrls

wmb194 said:

Diana_Mackintosh said:

SJP property fund suspension is now INDEFINITE. Cannot get any timescale from them when I can get my money except 2 years- disgraceful way to treat their clients.

Thems the breaks when you invest in illiquid assets via an open ended fund. If you'd invested in the same via a closed ended fund e.g., an investment trust listed on the stockmarket you could have sold the shares and the underlying property wouldn't have needed to be sold. The same thing happened with a few open ended property funds during the financial crisis so the risks were known.

That's a bit harsh, as SJP advised that the OP should invest in the fund.  The risks should have been known to SJP.

wmb194

coyrls said:

wmb194 said:

Diana_Mackintosh said:

SJP property fund suspension is now INDEFINITE. Cannot get any timescale from them when I can get my money except 2 years- disgraceful way to treat their clients.

Thems the breaks when you invest in illiquid assets via an open ended fund. If you'd invested in the same via a closed ended fund e.g., an investment trust listed on the stockmarket you could have sold the shares and the underlying property wouldn't have needed to be sold. The same thing happened with a few open ended property funds during the financial crisis so the risks were known.

That's a bit harsh, as SJP advised that the OP should invest in the fund.  The risks should have been known to SJP.

I agree but that's why you pay SJP the big bucks. 

I think this is the fund and the risk is posted front and centre in the KIID:



https://www.sjp.co.uk/sites/sjp-corp/files/SJP/fund-prices/unit-trust-group-funds/kiids/ST.JAMES%27S_PLACE_PROPERTY_UNIT_TRUST_CLASS_L_KIID_OCT2022.pdf

TheBanker

Diana_Mackintosh said:

SJP property fund suspension is now INDEFINITE. Cannot get any timescale from them when I can get my money except 2 years- disgraceful way to treat their clients.

What do you expect them to do though? The fund is invested in commercial property which needs to be sold in order to return your money. Selling commercial property takes time, especially if you want to recover as much of your money as possible. 

Diana_Mackintosh

Well I will never trust a so called IFA again. 

dunstonh

Diana_Mackintosh said:

Well I will never trust a so called IFA again. 

That is a bizzare decision based on you using SJP.     You do realise that SJP are not IFAs?