Legal & General Investment Management has proposed changing the investment policy of its £1.2bn L&G UK Property Fund and its feeder fund.
The fund house has said it wants to initiate a “blended strategy” that it will dub PAIF Hybrid, including direct real estate investment as well as holdings in global REITs for indirect exposure.
The proposed asset allocation would be 45% UK direct property exposure, 45% global REITs and 10% cash. The strategy will be overseen by fund managers Michael Barrie and Matt Jarvis. It will be put to shareholders at a meeting on 10 April.
James Crossley, LGIM’s head of UK wholesale, said: “We believe these suggested changes to the fund are in the best interest of investors and recommend that they vote in favour.
“As a property sector leader for over 16 years, we are well positioned to continue providing balanced property exposure to investors. Relative to other asset classes, we feel that the UK property sector remains an attractive diversifier in any balanced portfolio, and is well positioned for investors with long-term horizons.”
Image © Stuart Bailey/Pixabay
Send feedback to Tim Burke
Follow Estates Gazette
