Bank of England says illiquid funds should lock up investor cash for longer

Funds with illiquid assets like property should penalise investors for short-notice redemptions to reflect the likely price hit from a quick asset sale, the Bank of England concluded in a review prompted by the closure of a flagship fund run by former star stock picker Neil Woodford.
The BoE and the Financial Conduct Authority said in a joint statement they would develop new rules next year for redemptions at open-ended funds, most of which offer daily redemptions