13th Jul 2016 10:53
LONDON (Alliance News) - Aberdeen Asset Management PLC Wednesday confirmed it has lifted the trading suspension on its Aberdeen UK Property Fund after a week.
This makes Aberdeen Asset Management the first of a number of investment managers to lift the suspension on their property funds put in place in the wake of the UK's vote to leave the European Union.
Aberdeen said the suspension had been put in place to allow those who placed orders to by reference to the July 6 valuation point to reassess those trades and cancel them if they wished, having been informed of the anti-dilutive measures put in place.
A number of investment managers put suspensions in place in reaction to the Brexit vote following a sharp rise in redemptions in response to the vote. This included funds run by Standard Life Investments, Prudential's M&G Investments and Aviva Investors.
"Following the lifting of the week-long suspension, I am pleased that investors will now be able to trade shares in the funds. Investors should be aware that the price may be adjusted on a daily basis to reflect the funds' requirement to provide liquidity and the need to protect all investors. The market may take time to find its level but I have no doubt that property will continue to play an important part in investors' portfolios," said Chief Executive Martin Gilbert in a statement.
Shares in Aberdeen Asset Management were flat at 294.80 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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