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Wembley shooting: Third man charged with murder

BBC London News Feed - 2 hours 20 min ago
Kwasi Mensah-Ababio was found with fatal head injuries in parkland in north-west London on 7 July.

First London bridges light up for illuminated Thames project

BBC London News Feed - Wed, 07/17/2019 - 22:10
Up to 15 bridges across London will eventually become part of the Illuminated River project,

Nine London Waterloo platforms closed by lineside fire

BBC London News Feed - Wed, 07/17/2019 - 19:30
Commuters are told to avoid travelling from the station during evening rush hour.

Hatton Garden thief could avoid return to jail over dementia

BBC London News Feed - Wed, 07/17/2019 - 18:16
Brian Reader, who was told to pay back millions, could avoid a return to jail due to his dementia.

Grenfell scrutiny group could be scrapped by council

BBC London News Feed - Wed, 07/17/2019 - 17:10
Kensington and Chelsea council says it might close the group scrutinising its response to the tower fire.

William Saliba: Arsenal close to completing £27m signing of Saint-Etienne defender

BBC London News Feed - Wed, 07/17/2019 - 16:46
Arsenal are set to beat rivals Tottenham to the signing of teenager defender William Saliba from Saint-Etienne.

Pension savings are being left in cash after M&G property fund blocks withdrawals

City of London News Stream by Cityam - Wed, 07/17/2019 - 16:19

Institutional investors are being blocked from withdrawing money from a major UK property fund, while contributions made by thousands of pension savers into the strategy will be redirected into cash.

Asset manager M&G has stopped investors exiting its £636m UK Property Fund for up to six months after some clients – most of which are large pension schemes – sought to move their money elsewhere.

Earlier this month City A.M. revealed similar restrictions applying to pension-holders with money in Prudential’s UK Property Fund, which buys units in the M&G strategy. Withdrawals from the fund have been subject to delays of up to six months since 3 June, although the company says some exceptions are made, for example when customers wish to take retirement benefits.

On 12 July, Prudential made the decision to temporarily stop all new contributions going into the M&G fund, including regular pension payments, saying it will instead redirect the money into a separate cash fund. 

Scott White, Prudential UK head of communications, said: “We always focus on what would be the fairest outcome for workplace pension scheme members, so given that there is a deferral period to withdraw money, we didn’t think that it was fair for people to continue to contribute into that fund.”

Property funds have been under pressure in recent months, while regulators have turned the spotlight on illiquid funds promoted to retail investors. Three years ago a string of UK property funds, including one managed by M&G, were forced to suspend trading for several months after investors panicked over the Brexit referendum result and sought to cash in.

M&G, which is owned by Pru, insists its recent UK property fund deferral is temporary, adding that it is in place because clients are reducing risk in their portfolios, and is not related to Brexit or the wider property market. 

Irene Chambers, head of UK communications at M&G, told City A.M. that temporary deferral provisions are a common tool in institutional fund management to give fund managers time to sell assets and rebuild liquidity. “Whereas a retail property fund would hold larger amounts of cash, institutional funds hold minimum cash to avoid performance drag, hence the occasional need to defer. The main thing about this is that it protects everyone’s interests,” she said.

Prudential has told customers they will be no worse-off in the cash fund because they will receive returns they would have made had the money been invested in the property fund, should the fund outperform the cash fund. 

The post Pension savings are being left in cash after M&G property fund blocks withdrawals appeared first on CityAM.

Categories: City of London

Human bones found in septic tank in Kempsey

BBC London News Feed - Wed, 07/17/2019 - 16:03
The remains are undergoing forensic testing and police are following "many lines of inquiry".

Kieran Trippier: Tottenham right-back joins Atletico Madrid for £20m

BBC London News Feed - Wed, 07/17/2019 - 15:11
England right-back Kieran Trippier completes a three-year £20m move Spanish side Atletico Madrid from Tottenham.

Manchester City cruise past West Ham in Asia Cup in China

BBC London News Feed - Wed, 07/17/2019 - 14:29
Manchester City thrash West Ham 3-1 in a pre-season friendly in China to book their place in the Asia Cup final.

Nazanin Zaghari-Ratcliffe in psychiatric ward

BBC London News Feed - Wed, 07/17/2019 - 14:22
Her move to a Tehran hospital follows a hunger strike in protest at her detention in Iran.

Sebastien Haller: West Ham sign Eintracht Frankfurt striker for club record £45m

BBC London News Feed - Wed, 07/17/2019 - 13:15
West Ham sign French striker Sebastien Haller from Eintracht Frankfurt in a club record deal worth up to £45m.

England v Ireland: Jason Roy in Test squad for first time

BBC London News Feed - Wed, 07/17/2019 - 13:13
Jason Roy is named in England's Test squad for the first time for the match against Ireland at Lord's, which starts on 24 July.

Westminster car crash: Salih Khater guilty of attempted murder

BBC London News Feed - Wed, 07/17/2019 - 12:46
Salih Khater drove at people in a "premeditated" attack before crashing his car outside Parliament.

Super League: Reserve grade competition approved to relaunch in 2020

BBC London News Feed - Wed, 07/17/2019 - 11:34
Super League and the Rugby Football League (RFL) announce a reserve grade competition will be relaunched in 2020.

Govia Thameslink fined £1m over Gatwick Express window death

BBC London News Feed - Wed, 07/17/2019 - 11:26
Simon Brown died after leaning from the window of a Gatwick Express train in August 2016.

Kelly Mary Fauvrelle death: Ex-partner 'accepts responsibility'

BBC London News Feed - Wed, 07/17/2019 - 11:22
Aaron McKenzie appears in court charged with killing Kelly Mary Fauvrelle and her baby in her home.

Apollo 11: Partial lunar eclipse on 50th anniversary

BBC London News Feed - Wed, 07/17/2019 - 10:52
The Moon appears red on the day of the 50th anniversary of the historic space flight.

Missing Aron Kato: Murder inquiry after man forced into car

BBC London News Feed - Wed, 07/17/2019 - 10:40
Police believe Aron Kato, who was seen being chased by an assailant in east London, was murdered.

Arsenal: Unai Emery says Gunners trying to sign 'very big, very expensive players'

BBC London News Feed - Wed, 07/17/2019 - 07:34
Manager Unai Emery says Arsenal are trying to sign "three or four" players and are being "very demanding" with their targets.