'We will continue to work with Odey [AM] and Lancaster on the proposed appointment of Lancaster as an alternative investment manager.'
The strategy was first suspended on 12 June due to issues with the liquidity profile of the fund caused by the high volume of redemptions alongside a lack of clarity from Odey AM's financial services providers.
Brook Asset Management is a subsidiary of Odey Asset Management and LFS is the authorised corporate director of the fund.
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On 11 July, LFS confirmed the fund would remain suspended, meeting its FCA requirement to update investors every 28 days following a suspension in dealings.
In the letter, LFS said the first dealing day for the fund will be 21 July 2023, with dealing instructions accepted from 1pm on 20 July.
If any investors had a dealing instruction rejected due to the fund's suspension and still wish to deal, they will need to submit a new instruction, it added.
Odey AM has been in advanced discussions to transfer the LF Brook Absolute Return fund to Lancaster Investment Management alongside four other funds — namely Brook Absolute Return (IRL), Brook Developed Markets, Brook Absolute Return Focus and LF Odey Opus.
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In the letter, LFS added: «We will continue to work with Odey [AM] and Lancaster on the proposed appointment of Lancaster as an alternative investment manager and will write to investors again when decision on the proposal has been made.
»We will also continue to consider other options available to us in case the appointment cannot go ahead, including, but not limited to, appointing another alternate investment manager, a scheme
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