As a client of Ulsterbank Wealth I am gob-smacked to receive a letter from them today, telling me that they have appointed Beechwood Asset Management to provide investor relations service.
They further say in the letter;
I'm stunned that Ulster Bank are trying to walk away, I've googled "Beechwood Asset Management" and come up with a firm of accountants, not asset managers so who are they?
I bought my investment from Ulsterbank, I wasn't "introduced" and my only dealings was with Ulsterbank. They were even so helpful as to lend me the money for the investment (interest only, so far.)
Would the Central Bank/Regulator have approved this change or are Ulsterbank winging it?
Any thoughts? (I'm furious and suspicious)
They further say in the letter;
We are conscious that within this change, your property syndicate investment requires a specialist service, on that we can no longer provide through our client services team. Therefore we have selected Beechwood Asset Management to provide you with an investor relations service, following a tendering process........
Beechwood Asset Management is well established in the real estate management business.....
Ulsterbank introduced clients to Property Syndicate investments over a number of years. These syndicates were promoted by a variety of real estate companies and are managed by a number of differ asset management firms. Some Ulsterbank clients deal directly with the product provider and other clients prefer to deal with us.
This new arrangement does not affect your investment and there is no change to who provides your product or who manages your investment.
I'm stunned that Ulster Bank are trying to walk away, I've googled "Beechwood Asset Management" and come up with a firm of accountants, not asset managers so who are they?
I bought my investment from Ulsterbank, I wasn't "introduced" and my only dealings was with Ulsterbank. They were even so helpful as to lend me the money for the investment (interest only, so far.)
Would the Central Bank/Regulator have approved this change or are Ulsterbank winging it?
Any thoughts? (I'm furious and suspicious)