The FCA had chances to ban real-estate funds promising daily liquidity. Now investors are stuck in a $3.2 bln M&G vehicle that has suspended dealing. Their ire should be aimed at FCA boss Andrew Bailey for tolerating such products, says LiamWardProud:
British fund group M&G Investments on Dec. 4 suspended dealing in its flagship open-ended UK property fund, blaming uncertainty about Britain’s departure from the European Union for a surge in investor requests to cash out.
It said that unusually high and sustained outflows from the 2.5 billion pound M&G Property Portfolio coincided with a period of continued Brexit-related political uncertainty. The fund firm also said ongoing structural shifts in Britain’s retail sector had made it difficult to sell large assets. “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.”
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