Legal & General Investment Management (LGIM) has set out plans to reduce direct property investment in its £1.2bn UK Property strategy by allocating more to real estate investment trusts (Reits).
The move to a hybrid model comes against a backdrop of liquidity concerns that have sparked fund closures, temporary suspensions and regulatory changes for daily-dealing property funds.
LGIM senior distribution strategist manager Hugh MacTruong told Citywire the change was driven mainly by investor concerns about potential notice periods mandated by the Financial Conduct Authority (FCA).
