Scottish Widows Investment Partnership has reduced the minimum investment in its property unit trust from 100,000 to 5,000.Demand for commercial property investment continues to be strong. The move aims to open the fund to the wider retail market following its launch in November 2004. The Swip property trust has been marketed through Lloyds TSB’s private-client network and has returned 8.26 per cent since January 2005. From 2006 to 2009, Swip expects total returns from commercial property to average around 7 per cent a year. Sales and marketing director Andy Frepp says the reduction in the minimum investment will give smaller investors a chance to access the office, warehouse and retail property sectors in the UK without having to consider buying buildings directly. Churchill Investments head of research Warren Perry says: “This opens up the fund for the general investor as oppo- sed to the high-net-worth investor although I cannot get overly excited about the Swip product. Considering a 15 per cent return last year, I would say that the sector is due for a slowdown, but 7 per cent is still fairly attractive compared with the probable yield on fixed interest and equities. “The product would make a good diversifier.”
This week Helen Pridham, freelance journalistBeing freelance has its pros and cons. On a Monday morning in high summer, wandering upstairs in bare feet to get to your office certainly beats squeezing on to a busy commuter train. On the other hand, if your “to do” list for the week looks scarily short or unmanageably […]
Axa has confirmed market speculation and is to buy Framlington from HSBC for 174m over net asset value at the time of completion, subject to FSA approval. Money Marketing reported earlier this month that Axa felt Framlington would be a good strategic fit but negotiations were thought to centre on the veto of Framlington’s key […]
Norwich Union is reducing the interest rate on its fixed rate lifetime mortgage. The fixed interest rate for lifetime mortgages introduced by intermediaries will be 6.30 per cent with the overall cost for comparison at 6.8 per cent APR. Norwich Union will also be increasing commission rates for intermediaries who write equity release business by […]
The date for the court proceedings instrigated by Openwork against Home of Choice has how been set for November 22.The earlier separate proceedings brought against Richard Coulson will also be heard at the same date, to assess whether he was still a Zurich employee when he set up Home of Choice.Openwork ceo Stephen Leaman says: […]
Alex Ralph, manager of the Artemis High Income Fund, sees further pressure on government bonds as inflationary pressures build on both sides of the Atlantic.
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M&G is merging its Global Leaders fund into the Global Themes fund in the wake of a review resulting from fund manager Aled Smith’s decision to step down. The proposed merger has been approved by the regulator but is still subject to approval from shareholders. The Global Themes fund will continue to be managed by […]
Face-to-face advice still holds a firm place in serving clients, despite an increasing demand for mobile and remote services in adviser practices. Research from consolidator Fairstone from November shows there has been a 10 per cent decrease in the use of face-to-face financial advisers over the past seven years. However, advisers speaking to Money Marketing […]