HSBC's Morrell trims exposure to property

Since March, Guy Morrell has brought down the fund’s listed property exposure from 70 per cent to 59 per cent, increasing its direct exposure from zero to 15 per cent.

Mr Morrell halved his stake in the F&C Property Trust to 2.5 per cent and reduced his holding in the TR Property Investment Trust from 5 per cent to 3.25 per cent.

In turn he has bought into the Threadneedle UK Property trust and the Swip Property Trust.

He said the move reflects concern that the listed property market may have come "too far, too quickly".