Asset managers with open-ended property funds have given no indication they plan to close these products following the suspension of the M&G Property Portfolio, even as all suffer substantial outflows from their funds.
Legal & General Investment Management, abrdn, Columbia Threadneedle and Royal London all told Investment Week their funds were stable and they remained confident in them. However, the funds have all seen continued outflows, with some not receiving a single month of inflows over the last three years, according to data from Morningstar Direct. Only one of the 18 funds covered by Morningstar Direct in the IA UK Direct Property sector received inflows during September 2023 - VT Redlands Property Portfolio. Throughout September, the sector lost £97.4m to outflows, with almost half (£43....
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