AREF uses cookies to improve its website.

In order to improve our services, we use cookies to track your browser details. Which in turn aids usability. By continuing to browse our site you are agreeing to the terms and conditions of our cookie policy. Learn more.

Code of Practice 2017

One of our key aims is to ensure that fund members offer consistently high products and services to investors and advisers by adopting the highest possible standards of transparency and corporate governance.  This Code, and the policing of it, is the critical element of that aim.

Please click on the links in the table below to navigate to individual sections of the Code, or you can print a full copy here.

Are you an investor?  If you have any feedback on any of the funds' compliance with the Code then we would like to hear from you.  Please email us on our dedicated investor email address:


Last update

Aims 30/03/2016
Disclosure 31/03/2017
Compliance 31/03/2016
1. Governance of the fund  
1.1 Fund structure and objectives 31/03/2016
1.2 Management structure and accountability 31/03/2016
1.3 Fund oversight by supervisory or advisory committees 31/03/2017
1.4 Transparency and decision making 31/03/2017
1.5 Termination of the appointment of the manager 31/03/2016
1.6 Reporting 31/03/2017
1.7 Confidentiality 31/03/2016
1.8 End of Fund Life added 31/03/2017
2. Operating the fund  
2.1 Property valuations 31/03/2017
2.2 Cash and money market instruments 31/07/2014
2.3 Gearing 31/07/2014
2.4 Use of derivatives 31/07/2014
2.5 Indirect property investments 31/07/2014
2.6 Distributions 31/03/2017
2.7 Management fees and other expenses 31/03/2016
2.8 Insurance and service charge rebates 31/07/2014
2.9 Disaster recovery 31/07/2014
3. Unit pricing, dealing and performance  
3.1 Unit pricing and dealing (subscription and redemtions) 31/03/2017
3.2 Secondary market 31/07/2014
3.3 Unit turnover 31/03/2016
3.4 Investor analysis 31/07/2014
3.5 Historical performance 31/03/2017
3.6 Performance objectives and Benchmarks 31/03/2017
Annex 1. Fund oversight by supervisory or advisory 31/03/2017
Annex 2. Performance data 31/12/2014
Annex 3. Self Certification Form 2017 31/03/2017
Annex 4. Self-Certification Template 2017 31/03/2017
Annex 5. Self-Certification Matrix 2016 31/03/2017