Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a753363

L&G renames property fund as it converts to a Paif

by Eleanor Lawrie on May 28, 2014 at 10:30

L&G renames property fund as it converts to a Paif

Legal & General has renamed its £1.3 billion UK Property Trust after converting it in to a tax efficient Property Authorised Investment Fund (Paif).

The newly-named Legal & General UK Property Fund joins other recently conversions by Standard Life Investments, Ignis Asset Management and Kames Capital

A Paif uses a tax-friendly structure whereby rental income and interest distributions can be paid out gross to qualifying investors, particularly benefiting those investing through an ISA or within a pension. Unit holders who are ineligible or unable to invest in a PAIF can access the fund by receiving units in a feeder fund.

'Our unit holders were overwhelmingly in favour of converting the fund and can now start to benefit from new tax efficiencies when investing in UK real estate,' said Michael Barrie (pictured), co-fund manager of the Legal & General UK Property fund.

Legal & General Property manages £13.1 billion of assets in property, as at 31 March 2014. In three years to the end of March, the Legal & General UK Property trust has returned 12.2%, compared with 13.2% for the IMA Property sector.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets


From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:

Look up the shares

  • Legal & General Group PLC (LGEN.L)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Look up the fund managers

  • Michael Barrie
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet