Many of you will have seen reports in the press about the suspension of the M&G Feeder of Property Portfolio fund suspension on 4th December. We would like to reassure our Investment Clients that none of the Investments utilised by Redwood through our Investment Platforms are affected by this development, and none of our Clients money is invested in this portfolio.
What has happened and why?
In recent months, the continued political uncertainty coupled with the fast changing landscape in the UK retail sector, have prompted unusually high investment withdrawals from M&G’s retail property fund. Given that these circumstances and deteriorating market conditions have significantly impacted the manager’s ability to sell commercial property, the manager has temporarily suspended dealing in the M&G Property Portfolio in the interests of protecting customers who are invested in these funds.
The suspension will allow the manager to raise cash levels and preserve value for investors by selling assets in a controlled manner.
The same fund was suspended in July 2016 for four months following the UK’s EU referendum when money flooded out of such funds.
In recognition of customers’ temporary inability to access their investment, M&G is waiving 30% of its annual charge, which will end when the funds resume dealing.
You can see more on this story on the BBC News website
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