AXA has become the latest investment firm to postpone withdrawals from its property funds, putting a six month delay on requests from investors on its life property and pension property funds.
Following similar recent announcements from Close Investments, AEGON Scottish Equitable and Scottish Widows, AXA has implemented the deferral to fund switches out, surrenders from, and transfers out of the funds. It cites the commercial property “slowdown”, prompting a fall in the liquidity of property funds across the market, as the reason behind its decision. AXA says regular withdrawals, death claims and payment of pension benefits on retirement are unaffected. Ian Colquhoun, managing director, Investment Office, says: “Given the current liquidity of the funds the deferral is a sensib...
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