View more on these topics

Aviva Funds International opens door to Euro property

Aviva Funds International has expanded its range of Privilege portfolio funds with the introduction of the Prvilege portfolio European property fund.

This Luxemburg-based Sicav invests in the stocks of property management companies rather than investing directly in bricks and mortar. It will hold around 25 stocks across countries and sectors.

The management of the fund has been sub-contracted to Netherlands-based Ohra Asset Management. Raymond Lahaut, who joined Ohra from Insinger de Beaufort in 2001, will run the portfolio. The UK, France and the Netherlands are likely to figure highly in the portfolio, with lesser amounts invested in Finland and Germany.

When selecting stocks, Lahaut will initially take a top-down approach, looking at economic growth, retail sales and consumer spending. He will then look at the property market within each country, examining factors such as void periods across commercial property sectors. Finally, a bottom-up approach is taken to look at individual stocks in terms of management and the level of gearing within the property portfolios they own.

Lahaut currently favours the retail sector because he says consumer spending is strong and retailers are opening up shops across Europe. He is less enthusiastic about the office sector because rents are decreasing while vacancies are rising. This is supported by a recent European Rent Survey conducted by UK property manager Weatheralls, which found that rental growth in prime office space had slowed across Europe.

The fund could suit sophisticated investors and institutions for diversification purposes. Some property funds invest directly in commercial property but can be difficult to get out of, whereas this fund has the advantage of liquidity.


Lloyds TSB Scotland joins BuildStore panel

Lloyds TSB Scotland has signed up with self build specialist BuildStore to offer its intermediary mortgage product, BuildLoan. The new product is a base rate tracker set at 1 per cent above bank base rate until the end of 2007. Brokers&#39 clients can borrow up to 95 per cent of land costs and 95 per […]

Door is opened to annuities, then slammed shut

The door has been opened by the Treasury to extending the Sandler suite of simple products by up to six products, although it has at the same time ruled out half of them as being unsuitable.It is forming a panel of providers, consumer groups, trade bodies, regulators and Government officials which will meet to sort […]

Life after N2

A flurry of FSA fines in December showed the financial services industry more clearly than ever that the FSA is serious about clamping down on instances of misselling, ineffective management and poor corporate governance. A year on from the introduction of the N2 regime, the FSA has not shied away from some high-profile naming and […]

Mutual insurance firms boost their market share

Mutual insurance companies are increasing their share of the market at the expense of their proprietary rivals, according to research by the International Cooperative and Mutual Insurance Federation.Mutuals took 13 per cent of the market in 2001 and premiums soared by 26 per cent. During the same year, the industry as a whole contracted by […]

Can you put a hat on?

By Sarah Scott, marketing consultant You might think the question in the title is a strange one. Perhaps even more so when you learn that it’s one of several asked as part of an assessment for Employment Support Allowance eligibility in the opening scenes of the 2016 film, ‘I, Daniel Blake’. Daniel is a carpenter […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm