FTSE index to cut property allocation

The index, organised by the Association of Private Client Investment Managers and Stockbrokers (APCIMS), will reduce commercial property by 2.5% from 19 January, replacing it with bonds. APCIMS' independent committee decided to reduce the allocation given the sharp fall in property prices seen over the past year. "The committee has observed for some while now a significant fall in the allocation made to commercial property amongst the private client investment management community," explains committee chairman, Mike Lenhoff. "Portfolio managers have been moving portfolio allocations...