Wealth manager Turcan Connell is planning to launch its own real estate investment trust (REIT) in a bid to offer clients a solution to persistently low interest rates on cash holdings.
The firm has reported a surge in the number of clients looking for alternatives to cash because of poor returns on deposits. It is working on a number of solutions designed to provide higher yields without taking undue risk. Turcan Connell said the REIT would be aimed at clients who can lock up funds for at least five years. It will focus on secondary property markets which are unlikely to be bought by mainstream buyers. A third-party manager is expected to run the trust. Chief investment officer Haig Bathgate (pictured) said: “Creating a REIT would allow us to focus fully on the oppo...
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