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Selestia adding property

Multi-manager Selestia is introducing property as a new asset class after adding two property funds from Norwich Union and Edinburgh Fund Managers to its platform.

The funds – the NU property trust and EFM property portfolio – can be accessed via Selestia&#39s collective investment account and collective and offshore bonds but not through Pep or Isa wrappers.

Selestia says it has chosen the NU and EFM funds because they invest directly in property rather than in property shares.

It believes shares can reduce the benefits of diversification because they tend to follow the stockmarket.

Managing director Brett Williams says: “There is relatively little correlation between variations in property and other major asset classes, so it can provide further risk reduction for the same anticipated level of return.”

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