M&G has been urged to unfreeze its property fund after investors locked in for more than a year paid millions in fees.
M&G suspended trading in its £2.3bn UK property fund in December 2019 after suffering a rush of redemptions.
Investors have since received a negative annual return of about 11%, while collectively paying between £12m and £14m in fees.
Pressure is growing on M&G to reopen the fund and waive a greater part of its fees than the 30% discount it gave investors during the suspension.
Olim chair Lord Oakeshott of Seagrove Bay said: “M&G must time-limit this sorry saga now or the Financial Conduct Authority should feel their collar.”
