AEGON Scot Eq suspends withdrawals on £2bn property fund

The move was made in an attempt to stem the risk of a wave of panic selling by investors, triggered by the downturn in the commercial property market. The fund, which is invested largely in London offices and retail assets across the country, has run down its cash reserves to the point where the 'buffer fund' is just £80m or 1pc of its total assets, instead of the usual 10-15pc. Scottish Equitable's parent group, Aegon UK said: "Aegon UK has decided to take this step to protect investors following a significant level of customer withdrawals from the UK property fund market." The alter...