Capita Financial Group has been appointed as fund administrator and transfer agent by authorised corporate director Host Capital and investment manager Mansion Group to the recently launched HC Mansion UK Student Accommodation Income and Growth Fund.
The fund will invest specifically in student housing, one of the first retail property authorised investment funds (PAIFs) of its kind.
Capita views the PAIF market as a growth sector and expects to see further new PAIFs launch together with existing property funds converting to PAIFs.
Rachel Short, Capita Financial Group director, says “The PAIF market is gradually picking up in volume, although the ability of many of the platforms to deal with the more complex income streams generated by this type of fund remains an obstacle to growth in the retail sector. With further pressure from investors I expect some of these issues to be resolved during 2013 and the market to continue to expand.
“Capita specialist fund services arm is one of the only administrators able to provide the fund accounting and transfer agency to support PAIFs and, with its in-house tax experts and specialist real estate experience, is able to offer a complete support service to PAIF managers.”
Brian Primrose, director at Host Capital, says: “We appointed Capita Financial Group as fund administrators of HC Mansion UK Student Accommodation Income and Growth Fund for its reputation for administration excellence in the specialist funds industry including real estate. It has provided invaluable support since its first engagement and has consistently demonstrated detailed knowledge of the fund structure and asset class.”