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Fund provider M&G traps investors

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"Investors in one of the UK's biggest commercial property funds - worth £2.5bn - have been temporarily prevented from taking out their money.

"Investment firm M&G said withdrawals from its property portfolio fund had been suspended after investors consistently withdrew their savings.

"The firm blamed "Brexit-related political uncertainty" and difficulties in the retail sector for the situation.

"The fund has shrunk by £1.1bn so far this year.

"Given these circumstances, we have now reached a point where M&G believes it will best protect the interests of the funds' customers by applying a temporary suspension in dealing," M&G said in a statement."

Full report at the BBC: https://www.bbc.co.uk/news/business-50658437

At the Telegraph: https://www.telegraph.co.uk/investing/funds/property-funds-could-follow-mg-trap-investors/

At the FT:  https://www.ft.com/content/b1353b70-16a2-11ea-8d73-6303645ac406

Edited by Eldorado

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"Investors pulled almost £3bn out of UK property funds over the past year, highlighting the toll that extended Brexit uncertainty and high street gloom have had on the sector.

"Data prepared by Morningstar shows that £2.8bn was taken from 15 open-ended commercial property funds that offer daily liquidity to investors, putting pressure on the cash buffers used to cover customer withdrawals.

"One of the UK’s largest property funds, M&G, was suspended earlier this week after almost £1bn was withdrawn by investors over the past year.

"The Aberdeen UK Property Fund was the second-worst performer and suffered about £773m in cash withdrawals."

Full report at the Guardian: https://www.theguardian.com/money/2019/dec/06/investors-pull-almost-3bn-out-of-uk-property-funds-amid-high-street-gloom

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