Legal & General Investment Management is one of the UK’s largest asset manager, offering investment services across the broad spectrum of asset classes.
As Michelle Scrimgeour approaches the end of her first year as CEO of LGIM she shares an update on the past 12 months.
We can confirm that in light of extreme market volatility and the exceptional circumstances in the UK property market, we have taken the difficult decision to suspend trading in the Legal & General UK Property Fund (the “Fund”) and Legal & General UK Property Feeder Fund (the “Feeder Fund”).
The suspension will apply to any instructions to be effected on or after the valuation point at 12.00 midday on 18th March 2020. This means we cannot process any instruction to buy, sell, transfer or switch shares in the funds placed after midday on 17th March 2020. Any monies received for purchases will not be accepted and will be returned to investors. The suspension will remain in place until further notice.
In accordance with the FCA’s regulatory requirements, the suspension is being formally reviewed by the Fund Manager’s Board every 28-days. The Board has reviewed and confirmed the suspension should remain in place with effect from 8 July 2020.
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In line with recent regulatory guidance, we have performed a detailed assessment to determine whether our funds are providing value to investors.
Information about the MiFID II regulations that came into effect in January 2018, including how costs and charges are represented for LGIM funds.