Prudential has suspended trading in six property-linked life and pensions funds that invest in the suspended Aviva Investors and M&G property funds.
The suspended funds include the Prudential Property Pension fund, Prudential Property (Ex Scot Am) Life fund, Prudential Property Life Fund, Prudential Aviva Property Trust Pension fund, as well as Prudential Aviva Property Trust Life fund.
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All these funds invest solely in the Aviva Investors Property Trust or the M&G Property Portfolio and its feeder fund, which suspended trading following Britain’s decision to quit the European Union.
Prudential however, assured that its multi-asset and PruFund offerings would not be affected by the move.
"Following the EU referendum result there has been significant market uncertainty. Prudential will monitor the situation on an ongoing basis and further action will be considered when the suspensions in the underlying funds are lifted. The Financial Conduct Authority has been informed," the British insurer said in a statement.
Following the Brexit, several firms such as Aviva, M&G, Henderson, Columbia Threadneedle and Standard Life Investments have suspended dealings in their UK property funds. Brexit has also prompted Legal & General Investment Management and Kames to adjust their property funds’ pricing.
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By GlobalData
