St James’s Place is to make a £6.9 million one-off goodwill payment to clients affected by the collapse of the AIG Life Enhanced Fund.
St James’s Place is to make a £6.9 million one-off goodwill payment to clients affected by the collapse of the AIG Life Enhanced Fund.
Individual payments, which will be made in April next year, will be calculated on the current value of each client’s units in the fund, which St James’s Place says total around £69 million.
It will also make a preferential loan facility available to clients who wish to keep their money in the fund until its new maturity in 2012. The liquidity facility, made possible by money from Bank of Scotland Private Banking, will make up to £4.8 million available to clients.
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