Aviva has notified investors that its UK commercial property fund could remain suspended for up to eight months while it attempts to liquidate assets.
The UK's biggest insurer closed its £1.8 bn (€2.1 bn) property trust to redemptions on 4 July after receiving a large number of requests to sell units in the fund.
Aviva warned investors in a note that property sales might be 'more difficult to execute in the current environment due to market uncertainty'.
'In disposing of properties, we need to ensure we act in the best interests of all investors,' it added. 'The suspension is therefore likely to be in place for a period of at least six to eight months from the date of suspension.'
Other investment managers including Standard Life, Henderson Global Investors, M&G and Aberdeen Asset Management also froze funds in the wake of Brexit, although Aberdeen has since reopened its £3.2 bn UK property fund and feeder trust to trading.
