BMO Global Asset Management has completed the conversion of its UK Property fund, run by Guy Glover, into a PAIF fund.
The structure change for the bricks and mortar fund, which was announced earlier this year, was approved at a meeting on 11 August. Under the new structure, tax-exempt investors are exempt from paying UK tax on distributions from property related income and interest payments, resulting in a 20% increase in the £260m fund's current yield. Those who are ineligible for the PAIF will be able to invest via a feeder fund, which is structured as a unit trust. Glover (pictured), said: "We believe the fund's conversion to a PAIF is in the long-term best interests of shareholders, many of w...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
