Glitch ties up financial adviser withdrawals

A glitch at fund managers BT has left financial advisers unable to process withdrawals for more than a week from two of its largest funds. By deadline yesterday BT had not explained why it had not been able to quote unit prices for the International and Balanced funds since February 25.

According to client advisers at other firms BT had advised that an "independent review" of the situation had been completed and that the funds would remain "off market" until Wednesday next week.

It had not divulged what the underlying issues were. Whatever its nature, the glitch means investors in the two funds have been unable to make complete withdrawals.

Some advisers have been paying out on part of withdrawals and will make full payment once prices are again available.

     

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