St James's Place Exits Property Funds Amid Market Challenges

UK wealth manager St James's Place announced the closure of its £1.8bn property funds, marking an exit from the market due to challenges. Meanwhile, delays continue in the Telegraph's sale, and Aviva targets Direct Line shareholders, as UK net migration hits a record 900,000 in 2023.

UK wealth manager St James's Place is closing its £1.8 billion property funds, citing 'a challenging period,' as the firm departs from the market after two decades. Industry experts suggest that the era of open-ended property funds might be nearing its end.

The sale of the Telegraph newspaper faces further delays, with RedBird IMI extending the deadline for preferred bidder Dovid Efune to raise funding. The newspaper has lacked a permanent owner for 18 months, and resolution appears distant.

Aviva has reached out to Direct Line shareholders, possibly setting the stage for a hostile takeover of its smaller competitor. Meanwhile, net migration to the UK hit a record high of 900,000 in 2023, a phenomenon described by Prime Minister Keir Starmer as a failure of the previous Conservative government.

(With inputs from agencies.)