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U.K. Property Funds Freeze $12 Billion to Halt Brexit Retreat

  • M&G, Aviva and Standard Life suspend trading on outflows
  • About $32 billion is invested in U.K. real estate funds
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Taking Stock of Hedge Funds Under Pressure

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Three of the U.K.’s largest real estate funds have frozen almost 9.1 billion pounds ($12 billion) of assets after Britain’s shock vote to leave the European Union sparked a flurry of redemptions.

M&G Investments, Aviva Investors and Standard Life Investments halted withdrawals because they don’t have enough cash to immediately repay investors. About 24.5 billion pounds is allocated to U.K. real estate funds, according to the Investment Association.