FCA asks platforms for number of clients affected after M&G suspension

'Top dozen or so'

Some of the largest platforms have been contacted by the Financial Conduct Authority (FCA) following the suspension of M&G's Property Portfolio fund and asked to provide details on the number of investors affected by the closure.

The FCA said it contacted platforms to ask for the number of clients who would be affected by the closure of the fund. It followed the news that M&G's Property Portfolio fund had been suspended after "unusually high and sustained outflows", with the fund's assets under management (AUM) falling by roughly £1bn since the start of the year. Open-ended property funds could be a 'car crash', warn fund selectors A source, who preferred not to be named, told Investment Week's sister title Professional Adviser they imagined the platforms contacted included "the top dozen or so" because lar...