Aberdeen Asset Management lifts property fund trading suspension
Aberdeen Asset Management has lifted a week-long suspension from trading in its property fund, which was triggered after a rush of investors attempted to cash out following the Brexit vote.
Aberdeen was one of seven property funds worth around £18 billion to suspend dealings last week, and the firm's chief executive warned of further volatility ahead.
Martin Gilbert said: "Following the lifting of the week-long suspension, I am pleased that investors will now be able to trade shares in the funds. Investors should be aware that the price may be adjusted on a daily basis to reflect the funds' requirement to provide liquidity and the need to protect all investors.
"The market may take time to find its level but I have no doubt that property will continue to play an important part in investors' portfolios."
The company also put in place a fair value adjustment of 7% on its property holdings.
Commercial property appears to be bearing the brunt of Brexit fallout. Last week Henderson Global Investors, Canada Life and Threadneedle joined M&G Investments, Aviva and Standard Life Investments in halting trading in their property funds.