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.

     

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

January 14th Morning Report
WIN - Winton Announces Timing of its Interim Results for FY26
FBU - Fletcher Building Quarterly Volume Report for Q2 FY26
January 13th Morning Report
RAK - Rakon Receipt of Takeover Notice
January 12th Morning Report
GEN - Resignation of Corporate Counsel and Company Secretary
January 9th Morning Report
VSL - Confirmation of MD/CEO and Board changes
January 5th Morning Report