M&G Plc
M&G Plc’s investment unit will temporarily
freeze redemptions from the M&G Property Portfolio fund and its
feeder fund with immediate effect, according to a statement on
Wednesday.
“In recent months, unusually high and sustained outflows
from the M&G Property Portfolio have coincided with a period
where continued Brexit-related political uncertainty and ongoing
structural shifts in the U.K. retail sector have made it
difficult for us to sell commercial property,” the company said
in the statement.
The funds will continue to be actively managed while
they’re gated. M&G is to waive 30% of its annual charge, which
will end when the funds resume dealing. The portfolio managed
assets of 2.54 billion pounds ($3.3 billion) as of 31 October
2019.