01 Sep 2020

A high level summary of what's being discussed in recent committee meetings:

  • The Committee is working with AREF Liquidity Working Group and the IA on a response to FCA CP20/15 Liquidity mismatch in authorised open-ended property funds. They are actively engaging with members, platforms, wealth managers, depositaries, transfer agents and other stakeholders to obtain their views on CP20/15  and are liaising with the FCA, Bank of England and HMT.
  • The Committee is working with Depositary and Trustee Association (DATA) on how the FCA's Policy Statement (PS19/24) on illiquid assets and open-ended funds will affect retail property funds.
  • The Committee, with DATA, is looking at whether regulation should be changed to permit indemnities for property sales.
  • The Committee is liaising with MSCI on a NAV index for the retail funds.
  • The Committee is lobbying the platforms to ensure that all investors are able to benefit from the correct tax treatment of PAIF distributions.
  • The Committee have been assisting AREF and the Investment Association in their lobbying of HMT & HMRC for changes to Non-residents Capital Gains Tax. 
  • The Committee has set up a Liquidity Working Group and is working closely with the Investment Association (IA) on reviewing Fund Liquidity.

Short Term Objectives

  • Continue to liaise with valuers regarding the effect of Brexit on property funds.
  • Engage with FCA and Bank of England on their liquidity reviews.

Long Term Objectives

  • Encourage Platforms to develop their systems for PAIFs and non-daily dealing.
  • Development of a retail property funds index
  • Educate investors and press on the benefits of open-ended property funds.
  • Widen focus to real assets

Next meeting: 17th September 2020

View more on the committee here.


Guy Glover

Guy Glover

Fund Manager, BMO Real Estate Partners

Guy is the Chair of the Retail Funds Committee and sits on the AREF Management Committee.
He is a fund manager at BMO Real Estate Partners. Prior to joining the group in 2004, Guy spent nine years at Wereldhave Property Corporation, where he was responsible for managing their UK portfolio.

Before this, he worked at Northampton Borough Council.

Guy graduated from the University of Reading with a BSc in Land Management and holds the RICS postgraduate diploma in Property Investment. He qualified as a Chartered Surveyor in 1994.