17 Sep 2018

The Association of Real Estate Funds (AREF) has today announced another leading real estate fund business, Canada Life, has joined as a member. The addition of Canada Life’s UK Property Authorised Contractual Scheme takes the number of member funds to 65, representing over £72bn in AUM, the vast bulk of the accessible real estate collective investment market in the UK.

The Canada Life fund will also receive AREF’s Quality Mark. The Quality Mark, which launched in June, is awarded to member funds of AREF as they commit to the highest standards of governance and transparency, through the association’s Code of Practice. One of AREF’s key aims is to ensure that its fund members offer consistently high-quality products and services to investors through adherence to its Code of Practice. The Code outlines a framework for good corporate governance within real estate funds, as well as aiming to promote consistency and helping pension managers, trustees and wealth managers compare different funds.

John Cartwright, AREF Chief Executive said:

“We are delighted to welcome the Canada Life fund as our latest member of AREF and look forward to working with them in future. This is a further validation of the association’s work in promoting best practice in governance and transparency. AREF has the end-investors’ best interests at heart and while most real estate funds are members of AREF, we would like to see them all sign up. Funds that do make the commitment to maintain such high standards of corporate governance can now display our Quality Mark, making it easier for pension funds and their advisers, wealth managers and any other investor, to discern which funds have and, perhaps as importantly, which have not signed up.”

James Stoddart, Institutional Sales Director at Canada Life Investments said:

“Joining AREF is another important step in ensuring that our real estate and property fund businesses are managed in accordance with industry best practice. We look forward to partnering with AREF going forward in highlighting our capabilities in this space, which stretch across direct property, active asset management, commercial mortgage lending and the recently launched LF Canlife UK Property ACS Fund.”