The Clerical Medical and Halifax property fund range has been re-valued today to reflect price falls in the commercial property market.
The re-valuation has reduced the unit price for each fund by 13% based on independent valuations. The Clerical Medical property funds have also switched with immediate effect from an offer to a bid price, which means a 6% reduction in addition to the 13% decrease. The move from an offer to a bid price (the recommended ABI approach) ensures that existing policyholders are not disadvantaged by entrants or exits. This change does not affect the Halifax property funds that have always been priced on a mid-market basis. Halifax/Clerical Medical says it is important the fund price accuratel...
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