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Property Paif will open up access in autumn

Hearthstone Investments plans to give investors access to its UK residential property authorised investment fund in September.

A Paif is a tax-efficient investment vehicle that allows funds to pay gross dividends from property rental income with no corporation tax deducted.

The firm plans to launch its open-ended investment company Paif alongside a unit trust umbrella that holds three unit trusts that invest into different share classes on the fund.

The share classes will be an institutional share class, a share class for seed capital and a retail share class on the Paif.

The launches are scheduled for June, but will be available on platforms in September. The fund will be seeded with around £30 to £50m.

This week, Money Marketing revealed that former Old Mutual Asset Managers head of strategic partnerships Kevin Bull has joined the firm as key account manager to carry out commercial negotiations with platforms.

Many platforms do not accommodate Paifs, as the vehicles pay out via three income streams, interest, property rent and dividends – a process that most platforms cannot accommodate.

Hearthstone Investments chief executive Christopher Down says he does not see platform support of Paifs to be an issue.

He says: “Any platforms that are not able to support the platform directly can support the unit trust instead. This is a workaround which means the distribution of the Paif is not critical to when platforms accommodate Paifs.”

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