M&G suspends open-ended UK property fund ahead of closure

Reduces management fees

M&G Investments has suspended its open-ended UK property fund as it seeks regulatory approval to close the vehicle.

The move comes after years of dwindling assets following the most recent raft of retail property funds suspensions, which saw most UK open-ended property funds shutter, citing material valuation uncertainty as a result of Covid-19. M&G Property Portfolio, however, suspended its redemptions earlier than most, applying the restrictions in December 2019, attributing the move to "Brexit-related political uncertainty and ongoing structural shifts in the UK retail sector". At the beginning of 2019, the fund held £3.5bn in assets under management, which fell to £2.5bn at the time of suspensi...