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.”
Jonathan Stapleton says the success of the government's check your state pension service shows just how popular a dashboard could be if it can be launched.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.