Aviva Investors has opted to close its UK property fund and its feeder vehicle funds, which have been suspended since March last year.
The firm told investors on Wednesday (19 May) it had become "increasingly challenging" to generate positive returns from the fund while providing the necessary liquidity for the open-ended property vehicle. The fund has seen assets under management fall from a peak of £955m in April 2018 to its current £367m level. Having suspended alongside its peers in the IA UK Direct Property sector last year amid "material uncertainty" in the valuations of underlying holdings as a result of the coronavirus pandemic, the fund had been given the green light by the Royal Institution of Chartered Sur...
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