Glanmore Property Fund another Landsbanki?

After the recent collapse of Landsbanki bank in Guernsey we are hearing alleged reports that the Glanmore Property Fund Guernsey maybe encountering problems,a letter has been sent to all the clients who hold funds in the investment run by Savilles Guernsey.

Now after the recent scandal of Landsbanksi you would think that some form of public announcement would be made regarding the alleged problems.

However it appears not to be the case with Mr R Bowyer(rbowyer@spf.gg) director of savilles (and former employee of gfsc) refusing to answer queries regarding the possible alleged problems.

It has been reported that there maybe in excess of 1 billion pounds in the fund see link below

http://www.glanmore.com/latest$.asp

A egm was called recently as sept 2008 see link below

http://www.investegate.co.uk/Article.aspx?id=200809041713137954C

Allegedly the fund has been frozen for 12 months



Are you a investor in this fund ?

Do the GFSC know about this ? And if so why no public announcement ?

Anyone with any further information can post here or maybe drop a email to Michael Goodman freelance Daily telegraph at mgoo831975@aol.com

Rather disturbing news

The latest news on this fund is that no redemptions are being allowed for the rest of this year and this will be extended into next year "if no new funds are invested" shouldnt the gfsc be making the public aware that this fund obviously has problems,who in their right minds would invest in a fund in this situation ?

If no further funds are taken what does this mean to the existing investors in the fund which is believed to be in excess of 1 billion pounds ?


GFSC ????????????????????????

have you leaked this to the press??

seems to me that informing the investors first is far better than reading about it in the press, they obviously know that once investors recieved the letters it would get into the media and I am sure a press release is already written ready to go.

wayside wrote:seems to me that informing the investors first is far better than reading about it in the press, they obviously know that once investors recieved the letters it would get into the media and I am sure a press release is already written ready to go.

But what about new investors Wayside,dont you think they should be made aware ot the current situation ?

How do you know they are not being made aware of it?

Because of emails we received from the company here is a extract "The letter to our clients was exactly that and was not for public debate." If i was a member of the public wishing to invest i would want to know.On their website they have a announcement under "Revised redemption terms and dividend announcement: NOT SURPRISINGLY this has not been updated to let the public know the current situation, I wonder why not?

http://www.glanmore.com/


The funds have been over leveraged and with some very large falls in the peformance of the fund they are now in a very precarious position.



Performance

Total Return % *

Last 12 Months		-27.63%
Last 2 Years		-22.13%
Since Launch		-21.22%

Performance of the underlying Glanmore Property Fund
Total Return % *

Last 12 Months		-30.33%
Last 2 Years		-23.67%
Last 3 Years		-11.08%
Last 4 Years		-1.97%
Last 5 Years		4.94%
Since launch (April 1997)		87.82%
Compound Annual Return		5.67%

do the right thing Chock Dee Ja and let the media know what best way to inform the masses.

I thought that was the role of the gfsc ?

WHO????

and you're standing for the Douzaine!

oh c'mon spirit it was a bloody joke..........chill out please.

Property funds globally are being hit so it is not a surprise that this one has been frozen although it would appear that frozen is not correct because if what is said is true they are still taking investments just not paying out or allowing withdrawals. This is alos a long term investment which is made quite clear in the investment statement so dips and highs should equal out, but I would n't be too happy with my money somewhere I did not have control over it.

Pete Burtenshaw wrote:oh c'mon spirit it was a bloody joke..........chill out please.

Sorry, I thought that you really were standing for the Douzaine.

Pete Burtenshaw wrote:oh c'mon spirit it was a bloody joke..........chill out please.

Your learning :bball:

plimmerton811 wrote:Property funds globally are being hit so it is not a surprise that this one has been frozen although it would appear that frozen is not correct because if what is said is true they are still taking investments just not paying out or allowing withdrawals. This is alos a long term investment which is made quite clear in the investment statement so dips and highs should equal out, but I would n't be too happy with my money somewhere I did not have control over it.

Whilst many funds have been hit worldwide,i believe the the issue with this fund is the leveraging and the ltv of the fund.

Not good news for clients and even worse news if new investors are not being informed. :bounce:

Chok Dee Ja wrote:

Pete Burtenshaw wrote:oh c'mon spirit it was a bloody joke..........chill out please.

Your learning :bball:

it seems I am learning from the master!!

So whats the latest fund performance with the glanmore fund ?

WAIT FOR IT







ONE YEAR


Total Return % *

Last 12 Months		-71.58%

How can it be right for the salesmen of this product to continue to sell to the general public,its shown losses over 1 year 2 years 3 years 4 years 5 years

The investement is also leveraged meaning it also has debt, surely under "best advice" this product should not be even considered,how can it be "best advice"

What are the gfsc doing about products like this ? Even more interesting the director of savilles in guernsey who promote this product is a former employee of the gfsc on compliance and "best advice issues"

Laughable is it not.

Well as long as the broker gets his nice commisions then it dont matter how much money the clients lose as guernsey does not have a complaints procedure against poor advice and the gfsc do not assist in such cases as clearly outlined on their website.


I suppose if this fund ever closes and people have lost more money the reason the commison will use is " well the fund was ranked number xxxx " isnt it time to take action now so people do not lose more money ?