Legal & General Investment Management has posited a potential REIT exposure increase in its open-ended property fund to address widely touted questions about the nature of the daily dealing direct property fund sector.
In a letter to shareholders, the firm said it was "confident" it can continue to provide a solution that provides investors in the £1.3bn L&G UK Property Fund (PAIF) and the Legal & General UK Property Feeder fund access to the property sector. Head of UK wholesale James Crossley said this could include a hybrid property fund option, offering access to both direct property and REITs, subject to regulatory guidance and approval of any proposed changes. Open-ended property funds assert confidence following M&G closure as outflows mount "As the FCA has previously communicated, any str...
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