The Baring fund administration group in Jersey has secured the mandate to administer the new INVESCO UK Property Income Trust Limited.
The Baring Financial Services Group International Fund Managers (Jersey) Limited will provide the INVESCO UK Property Income Trust Limited – which raised £100 million in October 2004 – will provide the fund with a range of third-party fund administration services, including distributions, investor reporting, compliance and corporate secretarial.
The Trust has been incorporated as a limited liability company in Jersey, with shares listed on both the Channel Islands and London Stock Exchanges. Managed by INVESCO Real Estate Limited, the property portfolio consists of 31 UK properties with an average capital value of £4.82 million. Income yield on the property portfolio is estimated at 7.69%.
“We are pleased to work with INVESCO on this significant fund administration mandate which is an important vote of confidence for our new office in Jersey, which opened in March this year,” says Baring Financial Services Group Head of Fund Administration, Vic Holmes. “The appointment reflects the Baring Financial Services Group’s demonstrated capability and commitment to property fund administration. As a Group we have been involved in property administration for a number of years and combine our hands-on industry knowledge in commercial and residential real estate with fund administration expertise. This enables us to provide a responsive service that addresses the specific demands of this specialist sector.”
Commenting on Channel Island property investment fund trends, Holmes says the firm has seen a great deal of interest in the setting up of property structures for both direct and indirect investment in both Guernsey and Jersey. “This has been driven in part by changes in the UK environment but is also recognition of the lower volatility of this asset class in times of uncertainty in the global markets, aided by a strong move to holding property through funds rather than direct investment,” says Holmes. “Jersey and Guernsey can both demonstrate great expertise in the administration of property unit trusts going back a number of years and property and private equity funds now play a significant role in each jurisdictions’ fund sectors.”
International Fund Managers (Jersey) Limited opened in St Helier, Jersey on 1 March 2004, though Barings has operated in Guernsy for many years. The office offers administration services, plus specialist expertise in property, private equity, hedge and fund of funds. It complements Baring Financial Services Group’s Guernsey fund administration office, Guernsey International Fund Managers Limited, the island’s largest third-party fund administrator*, and other fund administration offices located in London, Dublin and the Isle of Man. These offices collectively administered funds valued at £35.3 billion at 31 October 2004.