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Resolution to open property fund for Isas

Resolution Asset Management is opening its UK property fund to Isa investors from next January.

The fund company will remove the deferred redemption terms it put in place on the £568m fund when it was launched in December 2004. Although this move helped to manage liquidity, it also made the portfolio ineligible for Isa investors.

The fund will now offer daily dealing and it will pay monthly income on the last day of the month.

The up-front charge on the UK property fund is 5.25 per cent and the annual fee is 1.5 per cent.

The fund has delivered a total return of 25.7 per cent since launch and it has a current income yield of 3.1 per cent.

Resolution sales and marketing director Jonathan Polin says: “Our experience of managing the fund has led us to the view that the deferred redemption terms are now unnecessary, given the wide ownership of the fund and its existing investment policy.

“This change will mean that the redemption terms for the fund will fall into line with our other funds and settlement will be made within five business days of us receiving written instructions to sell.”

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