Canada Life Investments is planning to open up its £50m property strategy to retail investors next year.
The strategy is currently run as a Jersey property unit trust and manages allocations from the its parent’s pension, annuity and discretionary management arms.
Canada Life Investments distribution head Frank Maret says the current fund is “not fit for purpose” for retail investors.
However, the firm is keen to make the most of its property team and is looking at how to make the fund retail facing.
Maret says: “We’re definitely working toward completion next year for launching a property fund for the retail market because we have the expertise and breadth of teams, so we want to capitalise on that. The need for income that has been a heavy trend will be interesting to capture.”
Maret says the firm could create a new fund, change the structure and domicile of the existing fund, or create a feeder fund.
Any product would require FCA approval, however Canada Life Investments hopes to roll it out in the summer.