British insurer Aviva is to announce a near halving in the cash position of its £3.2 bn (EUR 4.4 bn) property fund as investors continue to call for redemptions, newspaper the Telegraph reported on Friday. Aviva's property fund management arm Morley is to announce that it now has just 7.5% of the fund in cash and shares, compared with 18% three months ago. Morley will start publishing fortnightly valuations in an effort to keep pace with the high level of redemptions and rapid fall in property values.
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