Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

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

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 or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: why GWM believes in life after Lloyds

Profile: why GWM believes in life after Lloyds

Lloyds Private Banking duo Chris Payne and Tom Milson left the company two years ago after deciding to act on their belief that ‘we could do it better’

Wealth Manager on Twitter