Holders of Aviva Investors' £159m Asia Pacific Property fund face a 12-24 month wait to exit after the firm suspended the fund due to large investors' plans to redeem their positions.
The fund house has written to investors informing them it has suspended dealings in the fund as of midday today (20 July), ahead of commencing a closure of the fund on 21 August. The decision, which has been approved by the Financial Conduct Authority, follows the two largest investors in the fund - representing over 75% of assets - advising the firm that they intend to withdraw their holdings. In its letter to investors, Aviva Investors said it expects all switches and redemptions will take at least 12-24 months to complete, "due to the complexities of selling commercial property and...
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