Investors waiting to withdraw assets from restricted life property funds have seen redemption delays cut significantly in recent months as the sector sees its first positive signs in almost two years.
Scottish Widows, which introduced a 180-day withdrawal delay on its Life Property fund in February, has cut the wait by half over the course of the year, noting a “major reduction” in net outflows. Aviva also implemented delays of up to six months at a similar time on its unit-linked Property fund (life and pensions), but says its queuing system saw settlements processed after about 3-4 months. Standard Life was another to place a queue on withdrawals from a number of its commercial property products in January 2009. It has now lifted the queuing system for customers wishing to su...
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