December 02, 2006

Property Securities Fund of Funds

-- By Pushpa Sathish, Staff Writer

Nomura International is turning to the properties securities sector in its efforts to offer its investors an alternative to direct property and provide them with a more flexible form of global real estate investment. The financial services group is planning to establish an open-ended global fund of funds that will invest in property securities. The Global Property 80 percent Protected Fund, which will be based in Ireland, will be protected by a underwriting by Nomura for 80 percent of its highest-ever value, said Nomura director Gary Topp. Investors will have to fork out 1.5 percent as annual management fees. Reuters reports:

Nomura said its Global Property 80 percent Protected Fund would initially be spread across six funds run by Morgan Stanley, Henderson, and Credit Suisse, with each focusing on European, U.S. or Asian securities such as property company shares and real estate investment trusts (REITs). Topp said the fund was primarily aimed at the high-net-worth and the sophisticated end of the retail investment market.

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