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.

Related Fund Managers

Michael Barrie
Michael Barrie
3/15 in Property - UK Physical (Performance over 3 years) Average Total Return: 35.29%
Citywire TV
Play Hugh Yarrow: Why the equity income sector needs fixing

Hugh Yarrow: Why the equity income sector needs fixing

Hugh Yarrow's Evenlode Income fund was recently removed from the Investment Association's UK Equity Income sector.

Play GAM charity football tournament: the live draw

GAM charity football tournament: the live draw

Former Chelsea and England footballer Graeme Le Saux visits Citywire to make the draw for the tournament, where all proceeds going to Wheels for Wellbeing.

Play FIFA, Panama Papers…and what everyone’s getting wrong

FIFA, Panama Papers…and what everyone’s getting wrong

VIDEO: Investigative reporter Jeffrey Robinson reveals how major corruption scandals are being mishandled and what to expect next.

Your Business: Cover Star Club

Profile: JPM Wealth MD on breaking the glass ceiling

Profile: JPM Wealth MD on breaking the glass ceiling

During her tenure at JP Morgan, the private bank has changed the way it segments clients in a bid to improve focus

Wealth Manager on Twitter