Fund managers don’t understand unlisted property risks, FMA says
Financial markets regulator also concerned about assumptions of a high degree of liquidity simply because an investment is listed.
The FMA is concerned about high liquidity assumption.
The Financial Markets Authority says local pension fund managers are overly-reliant on the listed commercial property sector and exposures to unlisted real estate trusts without understanding their leverage or funding.
In a paper on managed funds’ approach to commercial real estate, FMA chief
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