AS one British mutual fund after another bars its doors to fleeing investors, traders and regulators alike are asking the same question: What does it mean for nervous global markets? This week, six asset management firms in Britain decided to refuse, for the moment, cash demands from those seeking to escape funds that invest in commercial real estate in the country. The rush for the exits followed the unexpected decision by British voters to leave the European Union.
So far, the numbers are small enough. Of the £35 billion (S$61 billion) invested in these funds, just under £20 billion has been affected.
Yet to see, in real time, fund companies turning away investors because they cannot quickly...
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