LONDON (Reuters) – Asset managers Kames Capital (AEGN.AS) and Janus Henderson (JHG.N) said on Tuesday they had temporarily suspended dealings in their UK real estate funds as market turbulence caused by coronavirus made it hard to accurately value the properties they contain. The lock-ups are among the first signs of stress in the funds industry amid the coronavirus pandemic. They follow the freezing of M&G’s (MNG.L) UK property funds in Dec 2019 on Brexit uncertainty and UK commercial retail property woes. “The ongoing coronavirus crisis…is a real concern for all of us,” Stephen Jones, chief executive of Kames Capital, said in a letter to investors. “At the same time, we have had to contend with a sharply lower oil price as well as the impact of the ongoing Brexit negotiations. These issues are affecting all areas of the stock market, including property investing.” Kames said its regulator, the Financial Conduct Authority, has been notified. The suspension of the Kames Property Income Fund and Kames Property Income Feeder funds came into effect on March 16, and was in agreement with the funds’ Citibank Europe depositary, Kames said, adding it would update investors on the status of the fund every 28 days…. Read full this story
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