St James’s Place suspends dealing in £924 million property fund
Cirencester headquartered wealth management firm St James’s Place suspended dealing in its £924 million Property unit trust this morning (Monday).
The firm said the move was a “proactive measure” intended to protect the interests of clients.
The firm cited a fall in demand for UK commercial property, office space remaining vacant post-Covid, and clients either increasing withdrawals or limiting investments for the decision.
"During this period of suspension, we will be assessing market conditions and closely monitoring valuations of properties within the fund. We are committed to resuming dealing as soon as we are satisfied that conditions are right," said Tom Beal, director of investments at St James's Place.
Last week the firm was forced to scrap exit fees after pressure from the Financial Conduct Authority.
