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Funds News

UK unfrozen property funds see more than 300 mln stg in Oct outflows-Calastone

LONDON, Nov 3 (Reuters) - British property funds which have started trading again after a six-month freeze saw 336 million pounds ($434.41 million) in net outflows in October, the third worst monthly performance on record for the sector, fund network Calastone said on Tuesday.

Much of the 70 billion pound UK property fund sector was suspended in March after surveyors said it was not possible to be sure about valuations due to the COVID-19 pandemic.

Several asset managers, including Columbia Threadneedle, St James’s Place, Legal & General and BlackRock , have reopened their funds in recent weeks, as that valuation uncertainty eased in September. (Reporting by Carolyn Cohn; editing by Sinead Cruise)

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