LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd Tuesday stressed its independence from the UK open-ended property fund run by Standard Life Investments that blocked investors from withdrawing money on Monday.
Shares in Standard Life Investments Property Income Trust, a closed-ended fund, were trading down 8.9% to 70.59 pence per share on Tuesday.
Standard Life Investments, the investment management arm of Standard Life PLC, suspended trading in Standard Life Investments UK Real Estate Fund, saying it wanted to "protect the interests of all investors" as a high number of investors attempted to withdraw their funds following the UK's Brexit vote.
Standard Life Investments Property Income Trust released a statement on Tuesday to stress it is "completely independent" from the suspended property fund.
"The board would like to emphasise that Standard Life Investments Property Income, being a closed ended investment company, is completely independent of the [suspended fund] and is in no way affected by yesterday's announcement," said Standard Life Investments Property Income.
"Standard Life Investments Property Income has no commercial dealings with the [suspended fund] and the shares of Standard Life Investments Property Income continue to be actively traded on the London Stock Exchange," the trust added.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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