Amid market volatility...
Six asset managers suspend funds over market volatility
Dealing has been suspended (pic: Terry Murden)
Six asset managers have closed property funds because of valuation concerns amid volatility of the markets.
Columbia Threadneedle, BMO Global Asset Management, Legal and General Investment Management, Aberdeen Standard Investments, Kames Capital and Janus Henderson have all suspended their open-ended UK property vehicles.
Aberdeen Standard Investments has suspended dealing in the £1.7 billion Standard Life Investments UK Real Estate Fund and £1.1 billion Aberdeen UK Property Fund because of market volatility.
The company said that as with the other property fund suspensions announced over the last 24 hours, the suspension of these two ASI funds is solely due to the extreme difficulty in accurately valuing assets in the current environment.
An Aberdeen Standard Investments spokesperson, said: “Following the introduction of “material uncertainty” clauses into valuations by UK property fund industry valuers, we have suspended dealing in our two open ended UK property funds and their feeder funds.