Henderson Global Investors has introduced a sterling share class on its range of Luxembourg-listed p...
Henderson Global Investors has introduced a sterling share class on its range of Luxembourg-listed property funds in addition to four other offshore vehicles.
The new share class features on the firm's Horizon-branded Pan European Property Equities, Global Property Equities and Asia Pacific Property Equities funds, as well as Global Technology, American Equity, Pan European Equity Dividend and Japanese Equity, all of which also bear the Horizon tag.
Minimum investment for sterling investors has been set at £2,500 with each fund carrying an initial charge of 5% and an annual management fee of 1.2%.
Intermediary commissions are payable at a rate of 3% initial and 0.5% trail.
With a growing demand for property vehicles from UK residents, the firm said it made sense to introduce sterling share classes because they will allow domestic investors to access the portfolios without being directly exposed to currency exchange risk.
The Asia Pacific Property Equities fund, managed by Chris Reilly, is benchmarked against the FTSE EPRA/Nareit Asia Total Return Net Dividend index.
Providing investors with an opportunity to access property in Asia, Australia and Japan, the vehicle caps the weight of any stock at 7.5% of the portfolio and excludes companies that derive more than 40% of their earnings from outside Asia.
Meanwhile, Hendersons has also converted its Independent Portfolios multi-manager range of funds to non-Ucits retail schemes (Nurs). The new structure will allow the funds to use a wider range of investments in their portfolios, including property funds, investment trusts and exchange-traded funds (ETFs).
The funds include the £71.2m Independent Income, the £10.6m Independent Distribution and the £118.8m Independent Growth portfolios.
The funds converted on 7 April 2006. Gaining Nurs status allows the three portfolios to expand their investment universe, said Bill McQuaker, Hendersons' director of multi-manager.
Hendersons adds sterling class to seven Horizon-branded funds
Minimum investment for new class set at £2,500
Group converts Independent Portfolios multi-manager range to non-Ucits retail schemes
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