Kames Capital

Ignis Asset Management has converted its £1.2bn UK Property fund into a Property Authorised Investment Fund (PAIF) in a bid to offer investors a tax-efficient way to access the vehicle.

The average strategic bond fund now holds less than half its assets in the UK, as managers "starved" of opportunities rotate into Europe, the US, and emerging market debt.

Stephen Jones, chief investment officer of Kames Capital, has said the UK's improving GDP figures mean it is now rivalling some emerging markets in the growth stakes.

Kames Capital is expanding its property management team with two new hires after launching its first ever Property Investment Authorised Fund (PAIF) last month.

Bond managers have been slashing exposure to contingent convertible debt - a key source of alpha for fixed income funds in recent months - as yields begin to fall and an avalanche of issuance appears on the horizon.

Kames Capital is set to launch its first Property Authorised Investment Fund (PAIF) on Friday, to be co-managed by David Wise and Alex Walker.

Kames Capital has poached Dan Churchouse from Standard Life Investments to be its new business development manager covering the London discretionary market.

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