Capita Financial Group has been appointed to provide third-party administration, including fund accounting and transfer agency services, for the UKs first daily dealing Property Authorised Investment Fund (PAIF) by global property management firm, CB Richard Ellis Investors (CBRE).
The fund is the first product of its kind available in the UK market and was introduced as part of the Authorised Investment Funds (Tax Amendment) Regulations.
The specialist fund services arm of Capita Financial Group has built a strong reputation at dealing with the cutting edge of real estate funds, whether it is taking vulture funds to full UK listing or the transition to REIT status of existing property structures, says Hugh Aldous, chairman of Capita Financial Groups specialist funds division. I am therefore delighted that the company has been chosen to administer the first daily dealing PAIF launched in the UK.
We chose Capita Financial Groups specialist funds arm to run the CB Richard Ellis UK Property Fund because we required a complex and bespoke fund administration service that included extra attention and diligence due to the income streaming requirements for HMRC and the tax transparency of the PAIF, says Nick Preston, senior director of CB Richard Ellis Investors. We consider Capita to be a market leader in this field.
D.C.