You may be aware from recent press coverage that the M&G Property Portfolio Fund has been temporarily suspended with effect from the 4 December 2019.
The M&G Property Portfolio Fund is one of the property funds that the unit-linked MGM Property Funds invests in, but makes up less than 20% of the overall investment in our fund. The other funds within the MGM Property Fund remain open.
The Fund Managers continue to provide Scottish Friendly with a price for the fund each day. Therefore, Scottish Friendly’s MGM Property Fund remains open and we will continue to process transactions as they fall due. We will of course pay close attention to events as they happen in the market and if it becomes necessary to suspend our Fund we will write to affected policyholders.
M&G Investors will formally review the position every 28 days and the situation is being monitored daily.
Marine & General Mutual members
Scottish Friendly welcomes Marine and General Mutual members
Scottish Friendly Assurance welcomes members of Marine and General Mutual. Members of Marine and General Mutual voted in favour of a Transfer of Engagements to Scottish Friendly on 1 May 2015. The Scheme to transfer the business of Marine & General Mutual Society was approved in the High Court and the Transfer became effective on 1 June 2015.
The following document explains the Principles and Practices of Financial Management that Scottish Friendly apply in managing their With-Profits funds for Marine & General Mutual members and in ensuring that customers are treated fairly. Consumer friendly versions of these documents are also available.