Axa is limiting new investments into its life property fund following large flows of new money.
After April 22, investors in Axa’s investment bond and premium select bond will be limited to investing 50 per cent of their money in the property fund.
Axa head of investment marketing Mike Mumford says: “Our property fund has proved extremely successful. The commercial property market is extremely competitive with many of the properties offering value taking time to source and purchase. This is leading to a build up of cash in the fund.”