Henderson has won approval from for its aim of turning UK Property unit trust into an Open Ended Investment Company (OEIC). This is the first step in transforming the trust into a more tax efficient Property Authorized Investment Fund. Henderson has pledged to cover all the administrative costs of the conversion. This is a recent trend, with other asset managers such as Standard Life Investments and Kames Capital converting into PAIF structures recently. Henderson UK Property has returned 10.6 percent this year as of the end of July, posting 21.9 percent returns over the past three years.
