Investors in Canada Life's UK property funds have had their ability to trade hampered by authorised corporate director, Link Fund Solutions (LFS), which has issued a six-month Limited Redemption Arrangement.
While nine UK open-ended property funds and their feeder funds suspended trading last week due to the coronavirus pandemic, causing independent property valuers to declare a "material uncertainty of valuations", Investment Week has discovered that Canada Life instead deferred trading in the LF Canlife UK Property and Canlife UK Property Income funds on 19 March. Cushman & Wakefield, the independent valuer for Canada Life and Royal London Asset Management's property funds, has confirmed that since 17 March, "all of our report issues… would have had a market valuation uncertainty clause" i...
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