Legal and General Investment Management is set to convert its £1.2bn L&G Property Trust into a property authorised investment fund (Paif).
The firm has received FCA approval to convert the fund, which is managed by Michael Barrie and Matt Jarvis, from its existing unit trust structure and the change is now subject to a shareholder vote on May 9.
The Paif structure is a more tax-efficient way for investors to access bricks and mortar property through an open-ended fund structure.
Several other firms have either converted their existing property funds to Paifs or are looking to do so, including M&G Investments, Kames Capital and Ignis Asset Management.
