Michael White, Head of UK Property, Canada Life Asset Management commented:
“Following a strategic review by Waystone Management UK Ltd. and Canada Life Asset Management Ltd., we can confirm today that we have begun the process of winding up the WS Canlife UK Property ACS fund, subject to FCA approval.
“Following recent redemption requests from investors, we have concluded that after the redemptions, the fund will not be commercially viable or in a position to deliver the best outcome for its investors. As a result, trading has stopped and under FCA guidelines Canada Life Asset Management will be given time to achieve best value for investors as it liquidates the fund's assets.
“Canada Life has also stopped trading in its property linked life and pension property funds which have been impacted by the closure of the WS Canlife UK Property ACS fund. Customers, advisers and stakeholders have been made aware of this decision and will continue to be updated throughout the closure process.”
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About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies. Great-West Lifeco has over 38 million customers worldwide and £1.532trillion assets under administration (as at 31 December 2022).
Canada Life Limited began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike. As well as providing stability and security through its individual contracts, Canada Life Limited has grown to become the leading provider of competitively priced group insurance solutions. Canada Life acquired Retirement Advantage on 3rd January 2018 for an undisclosed sum. The acquisition added over 30,000 retirement income and equity release customers and more than £2 billion of assets under management including a £1.5 billion block of in-force annuities to Canada Life.
Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance Limited and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.