ASI lifts suspensions on property funds
Reflated: ASI has resumed dealings in two funds (pic: Terry Murden)
Aberdeen Standard Investments has lifted the dealing suspensions on its open-ended property vehicles.
Suspension in March of the £1.6 billion Standard Life Investments UK Real Estate Fund and £0.9 billion Aberdeen UK Property Fund followed the declaration of “material valuation uncertainty” by the funds’ standing independent valuers.
The decision was in accordance with FCA guidelines to protect the interests of all investors.
Dealing will resume on 16 November, following the lifting of the “material valuation uncertainty” clause by the funds’ independent valuers at the end of September.
George Shaw, manager of the Standard Life Investments UK Real Estate Fund and the Aberdeen UK Property Fund, sadid: “We recognise that the dealing suspension will have been inconvenient to investors.
“However, the decision was made to ensure the fair treatment of all clients and customers.
“Despite the market disruption due to the Covid – 19 pandemic we still consider UK commercial property has a role to play in a diversified portfolio for the longer term investor.”
ASI has followed similar decisions to reopen funds by St James’s Place, Columbia Threadneedle, Royal London Asset Management and Legal & General Investment Management.
The UK property funds of Kames Capital, Janus Henderson, Aviva and M&G all remain suspended.
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