UK - Royal London Asset Management has lost a £40m property allocation at the London Borough of Tower Hamlets Superannuation Fund to Schroder Property.
The fund decided to sell its direct portfolio and opt for the Schroder Exempt Property Unit Trust (SEPUT), which currently totals £1.2bn net assets under management in the UK.
The transition will be effected over the next 3 -6 months.
William Hill, managing director of Schroders, said: “Tower Hamlets [is] not the first nor will they be the last pension fund to make this switch into property unit trusts.
“The diversification benefits and liberation from the management issues associated with direct ownership make property unit trusts a very attractive option for property investors with property portfolios of under £100m in size.”
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