You are here: Home - Investing - Experienced Investor - News -

M&G extends ban on withdrawals from property fund again

Written by:
Fund giant M&G has extended the suspension of its £2.5bn Property Portfolio for the third time.

Investors have been blocked from withdrawing their cash since 4 December when the fund was suspended due to high levels of withdrawal requests by investors at a time of Brexit uncertainty and structural shifts in the UK retail sector.

In an update today (25 February), M&G said it can “best protect the interests of its investors by continuing the temporary suspension in dealing in its shares”.

It said the managers were “making good progress in raising cash to rebuild liquidity to meet redemptions when it reopens”.

Since the fund’s suspension, the managers have completed on the sale of £70.1m of assets and a further £245.1m are either under offer or in solicitors’ hands.

Tony Brown, global head of M&G Real Estate, said: “We are making good headway in a more liquid market than last year and every effort is being made to ensure we can reopen as soon as possible – we appreciate your patience in this matter.”

M&G confirmed it will continue to waive 30% of the fund’s annual charge “in recognition of the inconvenience caused to our clients and customers”.

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week