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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.”

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