I received some unwelcome news at the beginning of Februaury from the administrators of this plan STM Malta – essentially that with little prospect of any money being realised from the assets of the suspended PLL UAM Strategic Growth Fund the value of this investment is in effect being written off.
The facts as I see them are these:
•Paul Dodds of your Geneva office invested a transfer value of £99,354.66 into this QROPs plan and of that invested roughly 15% into the strategic growth fund in two tranches: an initial £14900.20 on 17.10.2017 and £702.23 on 26.11.2012.
•Less than two months later in February 2013 it appears that the fund was suspended. This nominal investment amount has sat there in stasis ever since while charges are being incurred. It has now been written off.
•Over the past seven years then the value of this pension fund has fallen from it’s initial transfer value to approximately £94,000 despite the length and strength of the bull market since 2010.
•I do not believe I have received any guidance on the nature of the investment in the strategic growth fund nor any formal communication about this situation from deVere despite the company still being named as the advisor on this plan. There was no advice on the illiquid nature of the products this fund has invested in nor during my update conversations with Paul Dodds any communications about its suspension.
I wrote to Paul Dodds directly about this matter on 16 February 2019 by recorded delivery to the deVere office at ROute de l'Aéroport in Geneva. Interestingly the post returned my letter yesterday unopened with the notification, translated, that the receiver could not be found at this address. Paul Dodds is still named as a director on the register of commerce.
I look forward to your response.
Reason of review: Poor customer service.
Monetary Loss: $20000.
Preferred solution: Full refund.
Devere Group Cons: Losing pension money to an inappropriate product.