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

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...