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Harlequin Property SVG, the company behind the £400m ($509m, €454m) overseas property scheme facing ruin, has won a $11.6m claim against its former accountancy firm Wilkins Kennedy.
Real estate investment trusts (Reits) may see total returns come off recent highs by the end of 2016, as energy infrastructure and dividend-paying stocks take the lead among equities that provide regular income, said Mark McAllister, senior portfolio manager at Clearbridge Investments, a Legg Mason affiliate.
Harlequin Property SVG, the company behind the £400m ($509m, €454m) overseas property scheme, has officially entered insolvency proceedings, a decision likely to result in hefty losses for thousands of investors.
Canada Life has removed the fair value adjustment on property values in its commercial property funds imposed at the start of the month when it lifted a suspension of redemptions.
Following suspensions of trading and value adjustments at most of the leading UK property funds in early July, September has seen the crisis abate to a large extent.
Standard Life Investments has announced it will reopen the suspended UK Real Estate Fund and associated feeder fund from 12 noon on Monday, 17 October.
South Africa's Nedgroup Investments has launched a global property fund, managed by Sydney-based real estate securities specialist Resolution Capital.
The British government plans to extend its inheritance tax (IHT) rules to cover properties held by non-domiciled residents in an offshore entity.
In the first half of the year, 60% of Asia’s outbound property investment was from mainland China, according to CBRE Asia-Pacific.
Aviva Investors has advised that its property trust will stay closed to trading for another six to eight months.
Aberdeen Asset Management has raised £115m ($152.2m, €136m) of equity from UK pension funds to invest in the fast-growing UK private rented sector (PRS).
Aberdeen saw outflows of £1.5bn ($2bn, €1.8bn) from its property funds in the three months to June, but some analysts see this as merely a "sideshow" to deeper problems.
The UK’s largest open-ended property funds gated flows or implemented exit charges to prevent a post-Brexit run on the asset class earlier this month, trapping £15bn ($19.8bn, €18bn) of investors’ cash and casting a cloud over the City. But many flexible investors were able to see the warning signs and evade the net, says David Coombs, Rathbones’ head of multi-asset investments.
Aberdeen has reduced the dilution adjustment on its UK Property Fund and its feeder unit on the back of slowing redemptions the firm said.
The price of Legal & General’s UK Property Fund rose by 4.3% after repricing the charge it imposed on people who wanted to withdraw cash from the fund.
Self-invested personal pension (Sipp) provider AJ Bell has confirmed that it has reclassified the commercial property funds, suspended in last week’s market turmoil, as non-standard assets under the Financial Conduct Authority’s (FCA) upcoming capital adequacy rules.
Aberdeen Asset Management has lifted the trading suspension on the Aberdeen UK Property Fund.
Last week’s suspension of several daily-traded, open-ended property funds demonstrates that the concept is ‘absurd’, according to Seneca Investment Management.
The Bank of England is looking to impose new measures in a bid to stem the flow of property fund suspensions in the wake of last month’s Brexit vote.
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