In the last week more than 18 billion pounds ($23.26 billion) of retail investor cash has been frozen as funds run by M&G Investments, Standard Life Investments and Threadneedle Investments, among others, suspended trading to allow time to sell some of the buildings, a process which can take many months.

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“Henderson Global Investors, part of Henderson Group (HGGH.L), said on Wednesday it had temporarily suspended trading in its 3.9 billion pound UK Property PAIF and PAIF feeder funds due to “exceptional liquidity pressures” given uncertainty after the Brexit vote and the other suspensions.

It was followed within the hour by Columbia Threadneedle, part of the Ameriprise Group (AMP.N), which said it had suspended trading in its Threadneedle UK Property Fund.

Canada Life said it had also suspended its Canlife Property and Canlife UK property funds, describing this as a deferral of requests to withdraw investments. “The deferral can be for up to six months, enabling the funds to ensure property values reflect market conditions,” it said in a statement.

Late on Wednesday, Aberdeen Asset Management (ADN.L) said withdrawals from its 3.2 billion pound UK Property Fund which it had received before 1100 GMT would face a 17 percent dilution levy, and that it would not fulfil later orders. It expected to re-open the fund at 1200 London time on Thursday.

They joined rival funds managed by M&G Investments (PRU.L), Aviva Investors (AV.L) and Standard Life Investments (SL.L) which suspended trading on Monday and Tuesday.

BlackRock Inc (BLK.N), the world’s largest asset manager, on Friday told investors that it raised quarterly redemption charges on its 3.3 billion pounds BlackRock UK Property Fund to 5.75 percent, from 2 percent.”

Source: Reuters

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