LONDON: UK property funds with about £18bil (US$23.4bil) of assets froze withdrawals as investors sought to dump real estate holdings in the aftermath of Britain’s vote to leave the European Union.
“It’s reminiscent of Bear Stearns’ subprime funds before the Lehman debacle,” Bill Gross, a fund manager at Janus Capital Group Inc, said on Bloomberg TV. “The system doesn’t allow liquidity to flow into the proper places.
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