Standard Life is introducing a select property fund offering global commercial property exposure after its UK property fund got too popular.The firm’s UK property fund is 11 per cent invested in cash, with inflows of 50m a month and Standard is struggling to invest the money in what it describes as a competitive UK commercial property market. It is hoping to attract investors looking for property exposure and liquidity to its alternative offering and is understood to be considering reimposing limits on investment in the UK fund. The fund offers geographically diversified commercial property exposure by investing in a combination of direct property and indirect prop- erty vehicles, both listed and unlisted in the UK, Europe, Asia and North America. It is aiming at a return of the consumer price index plus 5 per cent over three years. The fund will be available from October 13 and Standard has applied for FSA approval to include the fund in its life and pension products. The initial portfolio will consist of 20-40 per cent direct in the UK and Europe within six months of launch, 10-15 per cent in unquoted, UK-focused property funds, 20-30 per cent to include UK, Europe, North America and Asia and up to 25 per cent in corporate bonds and cash. Standard Life marketing manager Iain McLeod says: “The popularity of property investment in the UK has remained high so the development of this fund will give us the opportunity to continue offering our customers high-calibre property investment options.” l Skandia Investment Management is launching a global property securities fund on October 3, to be run by LaSalle Investment Management. The fund will aim to achieve capital growth through investment in a global portfolio of property-related securities, such as real estate investment trusts. It will be available through Skandia’s fund supermarket, onshore and offshore bonds and pension fund ranges.
Standard Life Healthcare has announced the purchase of the private medical insurance business of First Assist Insurance Services for an undisclosed sum. It is expected for the transfer of business to be completed by 2006. The deal includes the transfer of all people involved in the running of this business along with all current contracts.
Brokers say its four main lending brands – RBS, First Act- ive, One Account and NatWest – need better definition to compete in the intermediary market. Group earnings were 6.9bn for the year to December 2004 and RBS Group vowed to challenge industry giants such as HBOS for market share. But brokers say it has […]
The long-running legal battle between Equitable Life and its former directors and auditors Ernst & Young this week amid speculation the two could yet reach a settlement. In a seperate move, Equitable Members Action Group gained support of several MEPs in its bid to get the European Parliament to seek compenstion for investors from the […]
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The Pensions Regulator (TPR) has issued its first fines to employers for failing to meet their auto-enrolment duties, along with 163 compliance notices giving employers a deadline to take action.
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