Property influx drives multi-managers into closed-ended funds

Property was the top selling IMA sector for the second month running in November, with the £417m net retail inflow the highest recorded since £467m in March 2007. However, the sharp inflow has prompted a number of multi-managers to be concerned about how quickly these funds can invest the money - leading them down the closed-ended route. "While property funds saw large redemptions to April last year, they now have to deal with the difficulty of investing fast-growing cash levels, inflated by the sudden surge of new inflows," OPM business development manager Richard Carswell says. "...