The market's first PAIF launches on Ascentric

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Independent wrap Ascentric announces the launch of the Royal London Property Fund on the platform. Managed by Royal London Asset Management (RLAM), the fund is a Property Authorised Investment Fund (PAIF) and is the only one of its type in the market.

A PAIF is a new type of property fund that aims to make investment in property funds more attractive to a wider range of investors. The PAIF allows taxable and tax exempt investors to participate in the same fund on a tax efficient basis. Any investments in the PAIF will be taxed as though investors are invested in the underlying assets directly. No income will be taxed within the fund.

Available only on Ascentric, the Royal London Property Fund is the first time an existing property fund has been converted to a PAIF since these vehicles were first introduced by the FSA in 2008. RLAM previously ran the Royal London Exempt Property Unit Trust. The fund is now an Open-Ended Investment Company (OEIC) giving it access to a wider range of non-physical property assets including REITs, ETFs and other collective investment vehicles. As the investment objectives remain the same, the fund maintains its existing performance track record.

Susan Spiller, RLAM’s Head of Marketing commented, “The conversion to a PAIF structure has been an important step in the development of our property capabilities.  Reaction from existing clients has been very positive and by making the fund available via Ascentric, we expect to see interest from a broader range of investors who will recognise the benefits of the greater investment opportunities which are available through a PAIF.”

“We are delighted to be the first platform to make such an innovative product available to our users” added Richard Goodall, Sales and Marketing Director at Ascentric. “It not only highlights our administrative ability to handle PAIFs but also our desire to ensure Ascentric users have access to the latest fund structures.”

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Article last updated: Sep 3, 2010

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