Aberdeen UK property fund set to reopen on Monday
Aberdeen Asset Management expected to reopen its £3.2bn UK property fund on Monday after outflows slowed and some investors opted not to sell, company chief Martin Gilbert said.
Aberdeen Asset Management
317.60p
17:09 11/08/17
Abrdn
136.20p
16:40 19/04/24
Financial Services
14,075.11
17:09 19/04/24
FTSE 100
7,895.85
16:59 19/04/24
FTSE 250
19,391.30
17:09 19/04/24
FTSE 350
4,341.08
17:09 19/04/24
FTSE All-Share
4,296.41
17:08 19/04/24
Life Insurance
5,741.37
17:09 19/04/24
In an interview with Bloomberg TV Gilbert said “Our intention is to open today as long as investors have had enough time. We still have about £500m of liquidity.”
Nonetheless, he reportedly also said the fund was still seeing "a lot of withdrawals".
Redemptions jumped from nearly zero before Standard Life Investments halted trading in its £2.9bn UK real estate fund on 4 July, hitting a peak of approximately £150m two days afterwards, he said.
Aberdeen suspended trading in its own fund until Monday after reducing its value by a further 17%, giving investors the weekend to reconsider their orders to sell. It previously cut the fund´s value by 3.75%.
“We took the view that one of our obligations was to provide liquidity to our holders and we got a valuation done [...] We are taking a cautious view, we still have to see how much liquidity we have.”