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FundsNetwork widening choice of property funds

FundsNetwork has expanded its range of Isa-eligible property funds following changes in the rules to allow non-Ucits retail schemes to qualify.

Investors now have access to the Norwich property, Schroders global property securities, New Star property and Standard Life select property funds.

The Aberdeen property share, Fidelity global property, Skandia global property securities and Skandia property funds are already available through the platform.

FundsNetwork has also added Cazenove multi-man- ager diversity, Credit Suisse multi-manager incubator, Gartmore portfolio cautious strategy and New Star cautious portfolio to its platform.

New Star is the latest fund manager to convert its prop- erty unit trust to adopt the new collective investment scheme rules which came into force on December 27.

The new regime allows increased investment flexi- bility, with funds now able to invest up to 100 per cent in direct commercial property rather than 80 per cent.

Funds can also invest in derivatives and forward for- eign exchange contracts, deposits, money market instruments and non-property-rel- ated securities.

New Star Investment Funds UK retail sales & marketing managing director Phil Wagstaff says: “This redresses an obvious inequity that investors could enjoy favourable tax treatment in cash, equities and bonds but not property. We believe it will fundamentally transform the Isa market, making property funds a popular choice this Isa season.”

Fidelity head of European direct Doug Naismith says: “The changes underline the continued importance of Isas as a tax-efficient investment. We firmly believe that Isas continue to play a key role in encouraging investment and wider savings in the UK and are pleased to see the Government expanding Isa choice for investors.”

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Personal effects

Istarted my career at General Accident in York in 1968 in the annuities department before moving into what became more familiar sales roles and progressing to more senior management roles around the UK. Between 1990 and 1997, I held the position of assistant general manager of GA, creating the first true multi-channel sales and marketing […]

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