SCM Direct were one of the first to highlight the liquidity issues connected with UK property funds, post the Referendum vote on 23rd June . We alerted the FCA on the business day after Brexit to the fact that major property funds with illiquid investments were being mispriced and needed to be re-priced and/or suspended. Property funds had a fundamental liquidity mismatch where investors were being allowed to buy or sell the fund daily, whilst the underlying investments often took months to buy or sell.
