DEGI is only one of dozen German property open-end funds to plan re-opening at month end

The German fund company DEGI, since last year part of Aberdeen Property Investors, is the only firm to announce a re-opening of its German open-end property fund as planned at the end of January, after its property fund closed to redemptions in October alongside 11 others after a run on capital. All others have said they will remain shut for another nine months. The DEGI International fund will re-open on 30 January, as planned. The dozen funds were suddenly forced to close in October after institutional investors, hit by the dramatic worsening of the financial crisis, withdrew capital to cover other commitments. The withdrawals reversed what had been until then, positive net inflows of over e5bn over the year. The sector is expected to have ended 2008 in net minus of e200m-e400m with a value of assets under management of some e86bn.