Fidelity International is to launch a new pan-European semi open-ended 'bricks and mortar' fund this year, with a closed-ended retail fund to follow in 2008. The Citywire financial news service reported that the new funds are the beginning of Fidelity International's 'drive into the direct property market'. The company created its European real estate team last May and is looking at the possibility of setting up a Guernsey-domiciled investment company that would be listed in London.
Fidelity International is to launch a new pan-European semi open-ended 'bricks and mortar' fund this year, with a closed-ended retail fund to follow in 2008. The Citywire financial news service reported that the new funds are the beginning of Fidelity International's 'drive into the direct property market'. The company created its European real estate team last May and is looking at the possibility of setting up a Guernsey-domiciled investment company that would be listed in London.
Fidelity International manages EUR 235 bn worth of funds in a broad spectrum of assets, including money-market, fixed income, property and equities in all major regions around the world. The group's US affiliate, Fidelity Management and Research (FMR) has 20-years experience in managing funds invested in property securities and manages the longest continually running fund invested in the US REIT market. FMR has over $11 bn assets under management.
