Stanlib fund closes to new investors

Posted On Wednesday, 02 February 2005 02:00 Published by eProp Commercial Property News
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Stanlib has closed its multi manager property fund to new investments, saying its assets have reached R1,2bn in just more than two years, which is close to the 'optimal size of a local portfolio'

 Property-Housing-ResidentialUnit trust company Stanlib closed its multimanager property fund to new investments on Tuesday, saying its assets had reached R1,2bn in just more than two years, which was close to the "optimal size of a local portfolio".

The fund is managed for Stanlib Multi-Manager by Marriott Properties and Standard Bank Properties.

Malcolm Holmes, head of investments for Stanlib Multi Manager, said the decision to close off the fund to further investment was "taken in the interests of our existing investors".

"The listed property sector remains relatively small and the flexibility of the underlying managers was being constrained as the fund grew.

"Our mandate insists on quality stock selection and prudent balance without over-commitment into any single counter."

He said Stanlib would review the situation from "time to time" as new property companies listed on the JSE Securities Exchange SA and the market capitalisations of existing listed companies grew.

Stanlib closed the Stanlib Property Income Fund off to new investments early last year.

 

Last modified on Tuesday, 13 May 2014 13:10

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