Ignis' £1bn property fund becomes latest to convert to PAIF

Ignis Asset Management has converted its £1.2bn UK Property fund into a Property Authorised Investment Fund (PAIF) in a bid to offer investors a tax-efficient way to access the vehicle.

PAIFs benefit UK tax-exempt investors, including charities, pension funds, and those investing through ISAs and SIPPs. The structure - which is becoming increasingly popular among fund groups - means eligible investors can receive distributions gross of tax instead of net, providing an uplift of up to 25% in income returns and making PAIFs particularly attractive in an environment where investors are hunting for income. Ignis' move follows L&G’s plans to convert its £1bn property fund into a PAIF this month, while Standard Life Investments (SLI) changed its fund last July, and Kames C...