Friends Provident clears surrender applications for property funds

In December, the group imposed a notice period on its property funds, meaning certain transactions out of the funds could be delayed for up to six months. These redemption restrictions were introduced to adhere to the principles of TCF and to allow the fund manager time to raise adequate levels of cash within the fund. A number of properties have since been sold to shore up the cash weighting in the fund and subsequently the queue has been cleared. However, Friends Provident announced that the notice period is to remain in place for the time being due to the continued volatile nature...