LONDON, July 7 (Reuters) - The F&C UK Property Fund, run by BMO Global Asset Management, has cut the price of units in its fund by five percent as a result of increased redemption requests after Britain’s vote to leave the European Union.
The 305 million pound ($395.80 million) retail-focused fund has also moved to weekly valuations from monthly and to bid-pricing, which gives investors looking to redeem a less favourable price.
“The level of redemption requests we have recently received and market conditions suggest that investors may place further redemptions; leading to downward pressure on realisable property values,” the firm said in a statement on its website, adding the price cut had taken effect from July 6.
BMO GAM is the asset management arm of Bank of Montreal . ($1 = 0.7706 pounds) (Reporting by Simon Jessop; editing by Carolyn Cohn)