Kames Capital to launch its first PAIF

Kames Capital plans to launch its first ever Property Authorised Investment Fund (PAIF) for retail investors in the first quarter of the coming year.

The fund will be co-managed by David Wise and Alex Walker, part of a team that already manages a number of institutional funds, including the Kames UK Active Value Property fund. The PAIF will invest the majority of its assets in direct property, with 50% managed using the team's active value style and 30% in core assets yielding 5.5%-6.5%. The remaining 20% will be in indirect property, including REITs, and cash. PAIFs have enjoyed a surge in popularity in the last year, with firms such as Standard Life Investments converting existing funds into the new structure, and other groups...