Aviva Investors has suspended trading in its property trust, following in the footsteps of Standard Life Investments.
The asset manager says “extraordinary market circumstances” have led to “a lack of immediate liquidity” in the Aviva Investors Property Trust.
A spokesperson says: “Consequently, we have acted to safeguard the interests of all our investors by suspending dealing in the fund with immediate effect. Suspension of dealing will give Aviva Investors greater control in managing cashflows and conducting orderly asset sales in order to meet our obligations to investors wishing to redeem their holdings.”
The asset manager has seen higher than usual volumes of requests to redeem from the trust.
Standard Life Investments suspended trading on its £2.7bn UK real estate fund and its associated feeder funds yesterday.
The suspension will last for at least 28 days and will remain in place until it is “practicable” to lift it, with the decision being reviewed at least every 28 days.