Abbey is considering the sale of around £1bn worth of commercial property from two of its with-profits funds.
Although a decision has yet to be taken on the properties which might be placed on the market, a spokesman for Abbey says CB Richard Ellis has been appointed as property consultant to review the commercial property holdings of the Scottish Mutual and Scottish Provident with-profits funds.
This should reduce the risk exposure of the with-profits funds, according to Abbey, as assets will feed back into equities, fixed interest and cash, once properties are sold.
Review of the property holdings affect 12 people at the asset management house, says Abbey, all of whom have been informed of the possible sale.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Julie Henderson on 020 7968 4571 or email [email protected].IFAonline
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created