Asset Management

M&G to shut £565m UK property fund

UK asset manager cited waning investor interest among reasons why it is calling time on the fund

Thursday 19 October 2023 at 13:15

M&G has reduced the annual management charge on the fund by 30% and abolished it entirely on cash holdings
M&G has reduced the annual management charge on the fund by 30% and abolished it entirely on cash holdings Photo: SOPA Images/LightRocket via Getty Images

UK-listed investments group M&G is taking the axe to its £565m UK property fund, citing waning interest among investors and persistent outflows behind its decision.

The M&G Property Portfolio, which launched in 2005, has suspended dealing and M&G is writing to investors about the next steps, including the sale of assets. M&G estimates it will take around 18 months to sell the fund's assets and return money to investors.