Property fund manager Horizon Asset Management has launched a new company to promote its British Property Opportunities Fund (BPOF) in the UK to IFAs and institutional investors.
Horizon Properties Capital Limited (HPC) is now authorized by the Financial Services Authority as an appointed representative of Sturgeon Ventures, the City-based regulatory incubator, and has set up operations at its new HQ in Drayton House, Chichester.
The authorization means that HPC's marketing material will have to meet standards laid down by the FSA. The FSA has raised some concerns about unregulated collective investment schemes being distributed in the UK so HPC expects its FSA authorization to be of particular comfort to IFAs.
The BPOF is an open-ended investment fund (Oeic) domiciled in the Cayman Islands and invests in both residential and commercial property, including distressed portfolios, high yield rental units, development opportunities, leasebacks and reversionary gains schemes. It was launched on February 1, 2008 and has returned 17.75% net of all charges since launch to September 1, 2010.
Bill McClintock, Chairman of HPC, comments, "The launch of HPC is a real boost for the British Property Opportunities Fund. The regulatory overview and the rigour which that brings to the quality of our marketing material will be a real comfort for investors and especially IFAs. The Fund has a singular approach in that it has the flexibility to pinpoint outstanding opportunities, giving it an advantage over more traditional property funds. Furthermore, because of the timing of its launch, the Fund is not hampered by the legacy issues foisted on many funds by the credit crunch and is very well placed to exploit the many opportunities we expect to see over the next few years."
The minimum investment in the BPOF is £50,000 or currency equivalent (56,925). It is available to institutional investors and retail investors via a number of wraps and insurance products including Quantum Leben.
For further information on Horizon Properties Capital Limited, call +44 (0)844 756 1003 or visit www.horizon-pc.com
Source: Citigate Dewe Rogerson