BMO to convert property fund to Paif

BMO to convert property fund to Paif

BMO Global Asset Managment has become the latest firm to convert its property fund to a more tax-efficient structure.

The fund house has proposed converting the £234.4m F&C UK Property fund run by Guy Glover and Julian Smith into a property authorised investment fund (Paif).

A spokesperson from F&C said: “We believe this is in the overall long-term best interests of shareholders, as the Paif structure is generally a tax-efficient one benefiting UK tax-exempt investors, such as those investing through Isas and Sipps, as well as charities and pension funds.”

Article continues after advert

The conversion is subject to regulatory approval and is expected to occur at the end of August.