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Cofunds sees net positive flows into property in Q2

Cofunds saw net positive flows into property in the second quarter of this year as investors tentatively dip a toe back in the sector.

Speaking this morning at a Cofunds briefing on Q2 2009 investment trends, business development manager Michelle Woodburn said the best-selling fund for flows in the sector was the Scottish Widows Investment Partnership property trust.

The Swip property trust is a bricks and mortar fund which took around 80 per cent of money in the sector for Cofunds over the last quarter.

Woodburn said: “There are quite a lot of other funds which are net positive but Swip’s really picked up the bulk of the business there. Threadneedle and L&G aren’t doing too bad either but Swip is the flavour of the quarter.”

Property is yet to feature on Cofunds’ top ten sectors and no property funds feature in the top 20 selling list but Woodburn said: “If the flows and the trends continue as they are I would expect to see them at least get back into the top 50 if not the top 20 next quarter.”

Woodburn said typically one would look to institutional clients for a six to 12 months “heads up” on the retail market but appetite for the Swip fund had already come from IFAs.

She said: “There has been a lot of positive press about property prices in general and while it remains relatively positive there will be interest so that is probably what is leading intermediaries back in there.”

Speaking at the briefing Chelsea Financial Services managing director Darius McDermott said: “I think there is a feeling that commercial property is nearing its lows and there’s a tentative dipping the toe back into the sector, at whatever level.”



A protection Waterfall

FSA director of retail policy and conduct risk Dan Waters has stirred up plenty of debate in the protection industry with comments made at the PFS Conference in London last week.


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