Reopened M&G Property investors withdraw more cash than raised during suspension

According to Morningstar estimates, investors have pulled a combined £1.2bn from both the main fund and its feeder fund since the suspension was lifted on 10 May. Of this, £788m was redeemed from the Property Portfolio, which had reached a cash level of 33.2% by the time the authorised corporate director and depositary of the fund decided the fund had reached a "suitable liquidity position". This translates to a £709m cash weighting in the fund, leaving a £79m shortfall to be made up to satisfy investor redemptions. In the 21 days since it reopened to the end of May, the fund shrun...