M&G Becomes 3rd U.K. Firm To Freeze Property Fund

M&G Investments on Tuesday afternoon became the third U.K. investment manager to freeze a property fund following the British vote to leave the European Union. The company said it is temporarily suspending trading in the shares of its M&G Property Portfolio and its feeder fund. "Investor redemptions in the fund have risen markedly because of the high levels of uncertainty in the UK commercial property market since the outcome of the European Union referendum," the company said in a statement. "Redemptions have now reached a point where M&G believes it can best protect the interests of the funds' shareholders by seeking a temporary suspension in trading," it added. The decision comes after Aviva Investors earlier on Tuesday froze it's U.K.-focused property fund, while Standard Life Investments late Monday did the same.