Smith & Pinching Portfolio Management has announced plans for a global property fund of funds as it prepares to start marketing its entire multi-manager range to IFAs from the end of the year.
The investment arm of IFA group Smith & Pinching is structuring the new fund as a non-Ucits retail scheme. It will be available from March.
It will invest mainly in property funds, including real estate investment trusts, but will diversify into other asset classes such as structured products, fixed interest and direct equities to boost the yield.
The fund will be co-managed by investment director Tony Yousefian and investment manager Ross Henderson. Yousefian will take a top-down approach which will be complemented by Henderson’s bottom-up analysis. Details of the minimum investment and charging structure have not been confirmed.
Smith & Pinching Portfolio Management has four existing funds of funds but decided to hold off marketing them to the IFA market until it had built up a three-year track record. Two funds – CF SPPM balanced managed and CF SPPM fixed interestreach their third anniversary on December 23 and the managers are talking with ratings agencies with a view to obtaining ratings for them.
A business development manager has been appointed to promote the multi-manager funds, including the new launch, to IFAs.
Henderson says: “We are launching the fund as there is a lot of demand. It is another option for people looking for income and we do not have a property fund at the moment. A lot of people are looking for a reasonable income but one or two funds out there offer a total return and do not pay a lot of income. The Nurs structure will give more flexibility than Ucits III to invest in various things to increase the yield.”