M&G suspends open-ended UK property fund ahead of closure

The move comes after years of dwindling assets following the most recent raft of retail property funds suspensions, which saw most UK open-ended property funds shutter, citing material valuation uncertainty as a result of Covid-19. M&G Property Portfolio, however, suspended its redemptions earlier than most, applying the restrictions in December 2019, attributing the move to "Brexit-related political uncertainty and ongoing structural shifts in the UK retail sector". At the beginning of 2019, the fund held £3.5bn in assets under management, which fell to £2.5bn at the time of suspensi...