Hi
Help Please. I invested a substantial sum of money in Irish Life Property Portfolio Fund in June 2007. Was explained at time that I would have access to my money at any time but that a cash in charge would apply, which is understandable.
However I received a letter in Oct 08 stating i needed to give 6 months notice to withdraw or cash in my fund. I met with an advisor who explained as the investment was doing so badly due to the downturn that they decided to implement this 6 months notice clause. However it was explained to me that they could transfer my units approximately 15500 untis to a safe deposit account. Whilst in this deposit account my investment would remain "frozen" for a better word, it would make 1.5% interest but they would still take their manangement fee of 1.5%.
However my 6 months "no touch" clause ended yesterday and what was left of my investment was transfered into the safe deposit account. However my units have dropped from 15500 to 9500. Can anyone explain or enlighten me as to why my total number of units have dropped, when i was of the understanding that it was the price of the units that would rise and fall not the amount of units.
Any advice is appreciated.
Help Please. I invested a substantial sum of money in Irish Life Property Portfolio Fund in June 2007. Was explained at time that I would have access to my money at any time but that a cash in charge would apply, which is understandable.
However I received a letter in Oct 08 stating i needed to give 6 months notice to withdraw or cash in my fund. I met with an advisor who explained as the investment was doing so badly due to the downturn that they decided to implement this 6 months notice clause. However it was explained to me that they could transfer my units approximately 15500 untis to a safe deposit account. Whilst in this deposit account my investment would remain "frozen" for a better word, it would make 1.5% interest but they would still take their manangement fee of 1.5%.
However my 6 months "no touch" clause ended yesterday and what was left of my investment was transfered into the safe deposit account. However my units have dropped from 15500 to 9500. Can anyone explain or enlighten me as to why my total number of units have dropped, when i was of the understanding that it was the price of the units that would rise and fall not the amount of units.
Any advice is appreciated.