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Unit trust suspensions lifted on Far East funds

Fund managers are lifting suspensions on unit trusts that stopped trading yesterday as markets in the Far East reopen and Japanese trading returned to more normal levels. Stock markets in Mexico, Canada, Argentina and Equador remain closed, alongside US markets.

Funds with more than 10 per cent exposure to closed markets will remain suspended. Some fund managers had suspended funds involved in Japan yesterday even though trading continued there, blaming market volatility and insufficient market information for the suspension.

Schroders reopened six Far Eastern retail funds today, with global bond funds due to reopen tomorrow.

Schroders client services director Robin Stoakley says: “We were advised that prices coming out of Japan were unreliable. Suspension is a decision taken in consultation with the trustees. Trading is more substantial in Japan today and prices are realistic.”

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