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BMO unit F&C cuts price of 305 mln stg UK Property Fund

Published 2016-07-07, 05:33 a/m
© Reuters. BMO unit F&C cuts price of 305 mln stg UK Property Fund
BMO
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LONDON, July 7 (Reuters) - The F&C UK Property Fund, run by
BMO Global Asset Management, has cut the price of units in its
fund by five percent as a result of increased redemption
requests after Britain's vote to leave the European Union.
The 305 million pound ($395.80 million) retail-focused fund
has also moved to weekly valuations from monthly and to
bid-pricing, which gives investors looking to redeem a less
favourable price.
"The level of redemption requests we have recently received
and market conditions suggest that investors may place further
redemptions; leading to downward pressure on realisable property
values," the firm said in a statement on its website, adding the
price cut had taken effect from July 6.
BMO GAM is the asset management arm of Bank of Montreal
BMO.TO .
($1 = 0.7706 pounds)

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