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Bates makes return with property fund for Sipps

Graham Bates is returning to financial services next month as a fund manager with the first in a range of property funds.

The unregulated vehicle, the Keydata residential property fund, is Bates’ concept and is being launched in late April. Keydata will act as sponsor and promoter with Jones Lang LaSalle as property adviser and KPMG as tax adviser.

Bates says this is the first of a range of funds focused on the Sipp market.

The fund will be managed by Upper Floors Management. Bates is chief executive officer of UFM. The firm will acquire suitable properties.

Bates says: “This will be a limited partnership, which offers investors the potential of a 40 per cent tax break opportunity on a residential investment portfolio through a Government initiative to create affordable rented homes through the conversion of vacant space above commercial premises into flats.”

Minimum investment is 10,000. Commission to advisers is 3 per cent.

Norwich Union distribution director David Barral sees a strong future for IFAs and multi-ties but he believes there needs to be a fundamental shift on commission

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