Property  

Aegon and ASI property funds remain closed after review

Major UK valuation houses have been meeting twice a week since — in conjunction with Rics — to discuss market activity and decide the time to lift the material uncertainty clause.

If 80 per cent of a fund’s assets are in sectors of the market where the clause no longer applies, they are allowed to re-open.

Meanwhile the FCA is consulting on rules which would require investors to give notice — potentially up to 180 days — before their investment is redeemed from an open-ended property fund.

It is an attempt to curb the “liquidity mismatch” between the underlying property held in such funds and the daily basis on which investors buy and sell units.

imogen.tew@ft.com

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