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(Alliance News) - St James's Place PLC on Monday said it has suspended dealing in the SJP Property unit trust and deferred redemptions in the life and pension funds.
The suspension is a proactive measure intended to protect the interests of clients, the Cirencester, England-based wealth manager said.
It explained that the temporary suspension and deferral is due to a number of challenges. This includes a fall in demand for UK commercial property, office space remaining vacant post-Covid as employees continue to work from home and clients having increased withdrawals or limited their investments.
Tom Beal, director of investments, said: "We have taken this step to protect the interests of clients. A combination of factors has led to our decision to suspend dealings in the Property unit trust and defer payments in the pension and life funds. This action is also aimed at preventing the challenge of having to sell properties quickly to generate cash. Selling properties under such pressure may lead to the fund manager selling them for less than their actual market value, potentially resulting in financial losses for the fund and its investors.
"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."
Shares in St James's Place were down 0.3% to 625.00 pence each in London on Monday afternoon.
By Sophie Rose, Alliance News reporter
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