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Update: LGIM proposes open-ended property fund restructure to hybrid model
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If the changes are approved, L&G PAIF will reduce its current 80% exposure to direct property investment to around 45%, ringfencing the fund from the ongoing Financial Conduct Authority consultation on direct property funds, which is targeting strategies with greater than 50% direct property exposure. The fund will also reduce its current 20% cash balance, instigated following the widespread 2020 suspensions to offer better liquidity to investors, to 10% with the remaining 45% of the fund invested in REIT shares. Hugh MacTruong, senior distribution strategy manager at LGIM, told Inves...
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