Standard Life Investments is to reopen its UK Property Fund next month, which was suspended after seeing “unprecedented” levels of redemptions.
Following the UK’s decision on June 23 to leave the EU, a number of asset managers banned trading as property funds saw large redemptions. These included Aviva Investors, Aberdeen Asset Management, M&G and Columbia Threadneedle.
Aberdeen was among the first to reopen its property fund and Standard Life is following suit after selling assets to ensure that the necessary liquidity needed to meet future redemptions from the fund is met.
The firm said in a statement that it believed the commercial real estate market had stabilised and that the adequate level of liquidity has been achieved to allow the suspension to be lifted on October 17.
However, dealing instructions to purchase or redeem shares will be accepted from today in a written or faxed format only, ahead of the fund re-opening.
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