M&G has swung the pricing on its £4.7bn Property Portfolio back to bid price only 6 days after moving it to the offer level.
The firm said the latest, in a trio of price swings, reflected the flows in and out of the fund.
M&G originally moved the fund – managed by Fiona Rowley – from its default state of offer pricing to the bid level on May 12, a move that essentially wiped 6.25 per cent off returns for redeeming investors.
However, on June 3 the firm announced it shifted the price back to offer, removing the negative impact on redeeming investors.
Today (June 9), the firm retracted from the June 3 decision, and shifted pricing again to deter redemptions.
M&G previously warned it would react to fund flows and its pricing level could change. The firm continued this mantra in today’s annoucement.