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Investors withdraw from property fund

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Investors withdrew £30.8m from the Aberdeen UK Property fund last week, after a rival fund was gated.

According to a report in the Financial Times, the fund, managed by Standard Life Aberdeen, is among several “seen as being vulnerable to redemptions” after M&G suspended trading in its £2.5bn Property Portfolio fund.

Aberdeen UK Property is a £1.3 billion fund holding investments in shopping centres, supermarkets and other property.

Fiscal devolution will require local audit arrangements that are even more robust than those that existed in the era of the Audit Commission, auditor general Gareth Davies has warned.

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