German open-ended funds, which have been forced to halt redemptions temporarily, will start returning to the market towards the end of the second half of 2009, predicts Nick Axford, head of research at the world's biggest adviser CB Richard Ellis. 'The underlying confidence in the sector is still good,' he said, pointing out that the unexpected wave of redemptions that a number of German funds witnessed in September and October was prompted by the desire for capital preservation rather than a crisis of confidence in property.
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