• 20 March 2020

    Temporary suspension of property funds - March 2020

    Fund managers Aberdeen Fund Managers Limited, BMO, Janus Henderson, Aviva Investors, Threadneedle, Standard Life Investments and Legal and General have temporarily suspended trading in their property funds (as well as their relevant feeder funds). This is due to valuation uncertainty amid the ongoing Coronavirus outbreak. No transactions can be made in these funds until the suspension is lifted.

    Which funds are affected?

    The following funds join the M&G property fund which remains suspended. See M&G article.

    Fund name  Fund manager  Sedol
    Aberdeen UK Property Feeder A Acc  Aberdeen Fund Managers Limited  BTLX1M9 
    Aberdeen UK Property Feeder I Acc   Aberdeen Fund Managers Limited   BTLX1P2 
    Aviva Inv UK Prop Fdr Acc 1  Aviva Investors UK Fd Serv  BYYZ0S6 
    Aviva Inv UK Prop Fdr Acc 2   Aviva Investors UK Fd Serv   BYYZ0W0 
    BMO Property Growth & Income I Acc  BMO  BQWJ868 
    Janus Henderson UKPrpPAIFd A A  Henderson Global Investors Ltd  BYP82B1 
    Janus Henderson UKPrpPAIFd I A   Henderson Global Investors Ltd   BYP82D3 
    L&G UK Property Feeder I Acc  Legal & General UT Mgr Ltd  BK35F40 
    L&G UK Property Feeder I Inc Legal & General UT Mgr Ltd   BK35F39 
    L&G UK Property Feeder R Inc  Legal & General UT Mgr Ltd    BK35F28 
    Phoenix Wealth AvivaInvPropPn  Phoenix Wealth  B42MYT8 
    Phoenix Wealth AvivaInvPropPn S3 Phoenix Wealth   B3V4CB6 
    Phoenix Wealth AvivaInvPropPn S4  Phoenix Wealth   B3DBKP5 
    Phoenix Wealth AvivaInvPropP Feeder (Life) Phoenix Wealth   3221068 
    Phoenix Wealth HendUKPropPn S3  Phoenix Wealth   B463HR6 
    Phoenix Wealth HendUKPropPn S4  Phoenix Wealth   B3DBKF5 
    Phoenix Wealth HendUKPropPn  Phoenix Wealth   B3YLLS4 
    Phoenix Wealth L&GUKPropPn  Phoenix Wealth   B3S45R6 
    Phoenix Wealth L&GUKPropPn S3  Phoenix Wealth   B3XSF73 
    Phoenix Wealth L&GUKPropPn S4 Phoenix Wealth  B4L9RT1 
    Phoenix Wealth L&GUKPrty Feeder (Life) Phoenix Wealth  B4K8ZM8 
    Phoenix Wealth ThrdndUKPropPn  Phoenix Wealth  B3RGZR3 
    Phoenix Wealth ThrdndUKPropPn S3 Phoenix Wealth  B3WRX22
    Phoenix Wealth ThrdndUKPropPn S4 Phoenix Wealth  B4N4XD0 
    Phoenix Wealth ThrdndUKPropPn Feeder (Life) Phoenix Wealth  B4MB558 
    ASI Gbl RI Est R Pf 1 Acc Standard Life Investments B774LD3 
    ASI Gbl RI Est R Pf 1 Inc  Standard Life Investments B700D76
    Stan Life Inv UKRIEstAFdr Inst Standard Life Investments  BYPHPB9
    Stan Life Inv UKRIEstAFdr Plt1 Acc  Standard Life Investments  BYPHPD1 
    Stan Life Inv UKRIEstAFdr Ret Acc  Standard Life Investments  BYPHP97 
    Threadneedle UK Prp AutTstFdr INA £ Threadneedle  BQ3G0Y0 
    Threadneedle UK Prp AutTstFdr RNA £ Threadneedle  BQ3G114
     

     Why is this happening?

    As the coronavirus pandemic has created material uncertainty over the value of UK property, the appointed valuers for each of the funds' direct property holdings are unable to provide accurate and reliable valuations of their underlying assets.

    These suspensions are in line with the new Financial Conduct Authority (FCA) rules set to come into force in September which - in the best interest of investors - require property funds to temporarily suspend dealing if a valuation is materially uncertain for 20% or more of the assets held in the fund.

    The temporary fund suspensions have therefore been implemented to safeguard the interests of all investors whilst allowing the independent valuers to better understand the impact that the coronavirus crisis is having on direct property market valuations.

    The managers will look to lift their fund suspensions as soon as it is appropriate to do so.

    What does this mean for customers invested in one of these funds?

     These temporary fund suspensions mean that customers are currently unable to pay into, or make withdrawals from any of the above named funds until they start dealing again.

    If customers have any ongoing transactions that are impacted by these suspensions, we'll let you know what action they can take. If customers don't have an adviser, we'll contact them directly.

    We will continue to update our website when we receive further information. If you have a policy query, please call us on 0345 129 9993. We're here from 8.30am to 5.30pm, Monday to Friday.