Old Mutual International has added the Glanmore Property fund to its life and pension platform to se...
Old Mutual International has added the Glanmore Property fund to its life and pension platform to sell into South Africa and Europe.
The Guernsey-domiciled fund invests in a portfolio of 84 commercial properties in the retail, warehouse and industrial sectors. It is presently overweight the South East in the office market.
Around 70% of the fund is invested in higher yielding properties, while the remaining 30% is invested in properties which are actively managed. The fund is advised by chartered surveyors Cardales.
Robert Court, chief executive of Cardales, said: "The fund was added to the Old Mutual range as many South Africans have ties in the UK and wish to invest in the country by owning property. They are aware commercial property has performed well in the UK, but do not want the risk or have the finances to invest directly."
This is the second time Glanmore has linked up with an offshore life company to distribute the vehicle to international investors.
In 2003, the fund was added to the Friends Provident International mirror fund range, which is distributed globally.
Meanwhile, in June of this year a euro share class was added to the vehicle to make it easier for European investors to invest in.
The minimum investment is £5,000. There is an annual managed fee of 1.5% and an initial charge of 2%. For intermediaries there is no upfront commission but a trail commission of 0.5% is being offered.
Old Mutual International adds Glanmore fund to life and pension range
The fund is to be distributed in South Africa and Europe
Glanmore recently added euro share class to product
Three funds to watch