Invesco sees investors pull £7.5bn from its open-ended funds
Investors have pulled an average £625m a month from open-ended funds managed by Invesco in the 12 months ending in August, according to data from Morningstar.
In total, Invesco saw £7.5bn being withdrawn from investors in the year to the end of August. Almost 12% of that amount ( £929m) was pulled in August alone, the figures reveal. The firm now has £46bn of assets under management (AuM).
During the same 12 months, M&G saw outflows of £11.3bn, with £182m pulled in August. The M&G Property Portfolio fund was the worst hit.
Net outflows from UK property funds soared over the summer, hitting £366m in July, with the bulk of the money pouring out of two of the biggest strategies — M&G's £2.7bn Property Portfolio and the £1.5bn Aberdeen UK Property fund — according to Morningstar. This is the highest level since the record outflows that followed the referendum and sparked a liquidity crisis
"There's been a few liquidity scares in the last couple of years and funds have tried to adjust for this by having high cash levels, as well as a general move to a full spread pricing structure,"said Jonathan Miller, director, manager research ratings, UK at Morningstar.
"Still, we've always said that in an illiquid asset class such as physical property, a daily dealing structure isn't appropriate," he added.
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