View the article online at http://citywire.co.uk/wealth-manager/article/a723910
Swip switches giant property fund’s pricing as inflows surge
by Robert St George on Dec 11, 2013 at 08:46
Scottish Widows Investment Partnership (Swip) has moved the pricing of its £2.5 billion Property Trust from a mid to an offer price basis following significant flows into the fund.
The Swip Property Trust has operated on a mid-price basis since February 2012, but has switched this as the fund has attracted more than £250 million of new money since January.
‘We have taken this action to help protect value for both current investors in the trust and those who may look to invest,’ Swip stated.
The firm added: ‘We are closely monitoring the situation and will review the position should there be any change.’
Managed by Gerry Ferguson (pictured), the fund has returned an annualised 1.85% over the past three years compared with a peer group average of 3.25%, placing it in the sector’s bottom quartile, albeit the peer group includes a number of property share funds that distort comparisons.
The fund’s major holdings include properties in London’s Oxford Street retail district and the Hermiston Gait retail park in Edinburgh.
Following its £550 million acquisition of Swip, Aberdeen Asset Management’s global head of property, Andrew Smith, left the group.
News sponsored by:
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
From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.
More about this:
Look up the funds
Look up the shares
Look up the fund managers
On the road
on Jul 31, 2014 at 10:36