M&G suspends property fund after £900m outflows

Issues surrounding illiquid holdings in open-ended funds have been highlighted on several occasions in 2019, most notably via the Neil Woodford saga.

Former-star fund manager Mr Woodford was forced to suspend his flagship Equity Income fund after redemptions ran at £9m per working day in May. The level of illiquid holdings in the portfolio meant he was unable to meet the requests.

Speaking at the Tisa Annual Conference yesterday (December 3), Martin Gilbert, founder of Aberdeen Asset Management, said the Woodford debacle had raised a bigger issue for the industry - one that highlighted the necessity of investors moving away from daily dealing portfolios if they wish to access illiquid asset classes.

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