Abbey considers sales of with-profits property

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 ...