Two British property funds have launched a wave of sell-offs, amid a stampede for the exits by investors which forced rival M&G PLC (MNG) to slam its doors shut. Fund managers at Columbia Threadneedle and Kames Capital have ditched more than £156m of property from their funds in the past two months in a scramble to ensure savers can get their money back. The sales should help both stay open and refund customers who want to leave. Meanwhile yesterday investors took £31m out of a major fund run by Standard Life Aberdeen, according to reports, add more fuel to concerns of a broader crisis in the sector.
Metro Bank (MTRO) biggest investor has sold another chunk of his stake as supporters of founder Vernon Hill pull back from the troubled lender. Hedge fund billionaire Steve Cohen revealed the fourth cut to his holding in Metro in less than a fortnight on Thursday afternoon, taking it to 5.8%. The American has been one of Mr Hill’s staunchest backers, and bought into the lender when it was founded in 2010 as the first new British high street bank for more than a century. But he has joined a major sell-off which has sent Metro shares plummeting since the bank unveiled a major accounting error in January.
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