Scottish Equitable M&G Property Portfolio closed to redemptions

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On Monday 4 July 2016, M&G suspended trading in the M&G Property Portfolio, the underlying fund of the Scottish Equitable M&G Property Portfolio.

As a result, at 9:00am on Wednesday 6 July, we suspended trading in the Scottish Equitable M&G Property Portfolio.

The underlying M&G Property Portfolio fund is currently experiencing a higher number of sellers than buyers.

This is due partly to higher levels of uncertainty in the UK commercial property market since the outcome of the European Union referendum.

M&G believes the best way to protect investors remaining in the fund is to temporarily suspend trading. This will allow the fund manager time to raise cash levels within the fund in a controlled manner by selling properties at reasonable values.

This affects all payments in and out of the Scottish Equitable M&G Property Portfolio.

Any redemptions (payments out) from the fund will not be fulfilled until the underlying fund manager resumes trading. 

Single payments or transfers in cannot be made whilst the fund is in deferment.

Regular payments into the fund will be applied as normal, unless you tell us to re-direct them. However, they will not be accessible until the fund manager resumes trading.

This is not the case if you are invested in this fund via Aegon Retirement Choices (ARC).

Any payments made into the Scottish Equitable M & G Property Portfolio (ARC) by customers using ARC will be redirected to their individual cash account facility and not invested directly into the fund.

Investors on ARC can gain access to any payments redirected to their cash facility as a result of this deferment.

We can’t give any guarantees on how long the trading suspension will last. We are in close contact with M&G, the underlying fund manager, and they are monitoring the fund on a daily basis.

If you’re uncertain about how this affects your investments, please speak to your financial adviser in the first instance. If you don’t have a financial adviser you can find one in your area at unbiased(Opens new window)(Opens new window).

You can also contact us, but please remember we won't be able to give you any financial advice.