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Property managers were unprepared for Brexit fund runs

Some of the UK's largest fund managers were forced to issue temporary suspensions following the Brexit vote, prompting FCA scrutiny

Aviva was the last of the big managers to announce it would reopen its real estate fund
Aviva was the last of the big managers to announce it would reopen its real estate fund Photo: iStockphoto

The UK's financial watchdog has found that asset managers were unprepared for the market turmoil following the Brexit vote that forced temporary suspensions of several large property funds.

The surprise results of the referendum in June 2016 spooked investors and led to widespread redemption requests at funds managed by Aberdeen Asset Management, Aviva Investors, M&G Investments, Henderson Global Investors and others.

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