FCA Issues Guidance Following Property Fund Suspensions
July 08 2016 - 11:28AM
Dow Jones News
By Razak Musah Baba
LONDON--The Financial Conduct Authority said Friday it has
issued guidance after the decision by a number of funds to announce
the temporary suspension of trading in their property portfolios
and feeder funds.
The FCA said the guidance reminds fund managers of their
obligations to investors and outlines the FCA's expectations in
relation to the suspension of dealings in their funds.
After Britain's vote to leave the European Union, fund managers
such as Henderson Global Investors and Columbia Threadneedle have
suspended activities, stopping investors in U.K. property funds
from pulling their money out, following the example of Standard
Life Investments, Aviva Investors and M&G Investments.
The FCA said Friday that it has been in close contact with these
funds for some time. The decisions to suspend have been taken by
the fund managers in accordance with their internal governance
arrangements.
The FCA will continue to liaise with the funds as they keep the
situation under review, it said.
Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
July 08, 2016 11:13 ET (15:13 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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