M&G has switched its property fund back to offer pricing just three weeks after moving the price in the other direction.
The £4.7bn Property Portfolio, managed by Fiona Rowley, moved to bid pricing on May 12 in a bid to combat outflows, effectively wiping 6.25 per cent off returns for redeeming investors.
The asset manager was one of four to do so in the space of a week amid a shift in investor sentiment.
However, M&G said the shift back to offer pricing today (June 3) “reflected a change in the balance between buyers and sellers”.
But the firm did warn of possible changes again in its pricing as this month’s EU referendum nears.