Norwich Union reverts to monthly valuations on property funds

Norwich Union has moved back from fortnightly to monthly valuations on its property fund range, inclu...

Norwich Union has moved back from fortnightly to monthly valuations on its property fund range, including the £2.5bn Norwich Property Trust. Fortnightly valuations were introduced in December 2007 in the midst of volatility and widespread redemptions across the asset class. The cash level of the Trust is now 6.7%, and it has 93.1% in direct property and 0.2% in property shares. The Norwich Property Investment fund and Norwich Union Life Property fund will also move to monthly valuations. The group said redemptions from the funds are now at a fraction of the levels seen late last year.