“The Dominoes Are Fallling”: Three Largest UK Property Funds Freeze $12 Billion In Assets, More To Come
by Tyler Durden
ZeroHedge.com
Jul 5, 2016
In an episode painfully reminiscent of the Bear hedge fund “freezes” that preceded the bank’s 2008 collapse and the great financial crisis, first Standard Life halted trading in its property fund, followed hours later by both Aviva and M&G which likewise announced they are suspending trading in their own portfolio funds. And, as Bloomberg summarizes, three of the U.K.’s largest real estate funds have frozen almost 9.1 billion pounds of assets after Britain’s shock vote to leave the European Union sparked a flurry of redemptions.
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