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Widows reopens property funds to new investments

Scottish Widows is reopening its unit-linked life and pension property funds to new investments from the end of April.

The firm suspended investment into the funds when many retail investors started to allocate 100 per cent of investments to property, leading to unprecedented cashflow into property funds. It hoped the suspension would prevent the performance of the funds being compromised by a high cash weighting or by hasty property purchases.

Since the suspension, Scottish Widows Investment Partnership has reduced the cash levels in both funds to about 13 per cent with the purchase of commercial properties worth over £300m.

Widows expects demand for the funds to be high and has put a 25 per cent restriction on new business into the funds.

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