Old Mutual loses it and dumps their top performing funds. Absolutely insane and with a total nonsense of reasoning.
Not a word out there to explain their true motivation. Clearly there has been a major coc kup behind the scenes.
Only thing that makes sense is being caught unawares and issuing units before buying the underlying. Now they must make up for the market moving quickly to put them out of pocket. But whilst they have closed the Gold Fund and the Resources Fund to new business, they must run with these until end of October.
There has to be a ballot of shareholders. Only a small % hold theses units and all unreturned ballots count in favor of merging them into the negative performing equity fund (at supposedly no cost).
The reason given is that these funds are high risk for investors and the equity fund is much safer. You got that.
Wow. The new Old Mutual looks after investors like they are a bunch of village idiots. Even when they are not.
Great stuff Trevor. Senility is so becoming for you demented old far ts.
