5th Jul 2016 05:43
LONDON (Alliance News) - Life insurer and investment manager Standard Life PLC has been forced to stop retail investors from selling out of one of its property funds after the UK's vote to leave the European Union sparked significant cash outflows, the Financial Times reported.
The company's GBP2.9 billion commercial property fund will have to sell properties to raise cash before any money can be redeemed after the move, the FT said.
The fund is the third-largest open-ended property fund for retail investors.
https://next.ft.com/content/a15c8b66-4204-11e6-9b66-0712b3873ae1
By Sam Unsted; [email protected]; @SamUAtAlliance
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