Property Sector Fund Suspensions Lead Prudential To Suspend Transactions In Its Single-Asset Property
Property sector fund suspensions have led Prudential to temporarily suspend investments into and withdrawals from its single-asset unit-linked property funds which invest solely in either the Aviva Investors Property Trust or the M&G Property Portfolio and its feeder fund.
Prudential’s decision is effective from 7 July 2016 and is a direct result of the announcements that Aviva Investors has temporarily suspended trading in its Property Trust Fund and that M&G Investments has temporarily suspended trading in shares of the M&G
Property Portfolio and its feeder fund.
The suspension applies only to Prudential funds which invest solely in the Aviva and M&G funds. Prudential’s multi-asset fund ranges, including its PruFund range of funds, are not affected by this action and continue to trade as normal.
Following the EU referendum result there has been significant market uncertainty. Prudential will monitor the situation on an ongoing basis and further action will be considered when the suspensions in the underlying funds are lifted. The Financial Conduct Authority has been informed.
The Prudential single-asset unit-linked property funds affected by the temporary suspension are the Prudential Property Pension Fund, Prudential Property (Ex Scot Am) Life Fund, Prudential Property Life Fund, Prudential Property Life Fund (Inc), Prudential Aviva Property
Trust Pension Fund and Prudential Aviva Property Trust Life Fund.
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