St James's Place suspends property fund and temporarily reduces fees

St James's Place has suspended its £924m Property unit trust and deferred redemptions in its Property life and Property pension funds. SJP has also implemented a 0.15 percentage point reduction on the fund, bringing the ongoing charges to 1.89%, according to the fund's key investor information document. Industry divided on future of property funds following M&G closure The suspension has been described as a "proactive measure" to protect the interests of clients, preventing the fund from selling assets "under pressure" at a reduced rate. A trio of reasons was given for the suspe...