Link Fund Solutions has suspended the LF Odey Portfolio fund, marking the fourth fund to be gated to investor withdrawals.
It joins LF Brook Absolute Return and Brook Developed Market in being suspended, while Odey Swan is suspended as the process to wind up the vehicle is undertaken.
Writing to investors, Karl Midl, managing director of Link Fund Solutions, said it was "in the best interests of all investors in the fund to suspend the issue, cancellation, sale and redemption of shares in the fund".
Midl said along with current higher redemptions, the firm has "been made aware of further redemptions expected in the coming days".
"Whilst the fund remains liquid, we believe this increased level of redemptions will impact the investment manager's ability to manage the fund in line with its stated strategy," he wrote.
The suspension is effective from 14 June 2023, with the midday 15 June 2023 the first valuation point affected.
As with the suspension of LF Brook Absolute Return, LFS will consider the future of the fund, including the appointment of an alternate investment manager, a scheme of arrangement into another fund or the closure of the vehicle.
The suspension will be reviewed every 28 days and the net asset value will continue to be published on a daily basis.
Fidelity International restricts new investments
On 13 June, Fidelity International restricted new investment into two funds from Odey Asset Management and Odey AM-subsidiary Brook Asset Management, in a move it said was "in the best interests of our customers".
Customers of its Personal Investing and Fidelity Adviser Solutions platforms will no longer be able to buy shares in LF Odey Opus and LF Brook Continental European, but current investors are able to redeem existing holdings in the funds.
Fidelity International added: "The LF Brook Absolute Return Fund, which was previously available through Fidelity Adviser Solutions, has been fully suspended by the fund's authorised corporate director, Link Fund Solutions."
