M&G suspends property fund amid Brexit uncertainty and retail crisis – business live

Rolling coverage of the latest economic and financial news, as UK asset manager surprisingly freezes a major property investment fund

4.04pm GMT

M&G investors could be trapped in the Property Portfolio fund for some time.

Laura Suter of stockbroker AJ Bell points out that the fund was closed for two months after the Brexit vote:

Worth noting that M&G Property fund took the longest to re-open in the post-referendum suspensions – was closed from July to November

3.45pm GMT

M&G’s problems may have been exacerbated by the crisis at Neil Woodford’s asset management empire.

Woodford was forced to freeze his once-popular Woodford Equity Income fund this summer, after a wave of redemption requests. Investors now face massive losses – they could lose two-thirds of their money once the fund is wound down.

Continue reading…Rolling coverage of the latest economic and financial news, as UK asset manager surprisingly freezes a major property investment fundLatest: M&G temporarily suspends property fundFund manager blames Brexit and high street crisis“Brexit-related uncertainty” causing high outflowsM&G can’t sell assets fast enough to meet redemptionsPound rallies as Conservatives hold lead 4.04pm GMTM&G investors could be trapped in the Property Portfolio fund for some time.Laura Suter of stockbroker AJ Bell points out that the fund was closed for two months after the Brexit vote:Worth noting that M&G Property fund took the longest to re-open in the post-referendum suspensions – was closed from July to November 3.45pm GMTM&G’s problems may have been exacerbated by the crisis at Neil Woodford’s asset management empire.Woodford was forced to freeze his once-popular Woodford Equity Income fund this summer, after a wave of redemption requests. Investors now face massive losses – they could lose two-thirds of their money once the fund is wound down. Continue reading…