At the same time, Andrew Bailey, the new chief executive of the Financial Conduct Authority, warned that the regulator might have to… The moves by Aviva Investors and M&G followed a similar decision by Standard Life this week and came amid a sell-off in asset management shares caused by worries about the fate of their property funds and the tumbling price of the pound. Property funds have come under severe pressure due to investors’ concerns that Brexit would lead to a slump in business activity in the UK, leaving buildings standing empty and new construction projects abandoned Steve Paston/PAThe fund management divisions of Aviva and Prudential became the latest to block investors from pulling money from their multibillion-pound property vehicles yesterday as anxiety surged about the damage that Brexit could do to the economy.

Source: The Times July 05, 2016 16:01 UTC