Standard Life Investments has overhauled its £420m Select Property fund, giving the portfolio a global remit.
The fund, to be renamed SLI Global Real Estate, will stay in the hands of manager Andrew Jackson, but will now buy direct and listed real estate securities, including real estate investment trusts (REITs), on a global basis. It will now invest between 50-80% of the fund in direct real estate assets,with the portfolio attempting to bring down its volatility via its change of approach. The fund is also ditching the IMA Property sector benchmark - which it said is now dominated by funds buying real estate securities - to the IPD Direct/MSCI World Real Estate Custom Index. The change c...
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