Hearthstone, the specialist residential property fund management business, has received regulatory approval for the UK's first authorised residential property fund.
Hearthstone, the specialist residential property fund management business, has received regulatory approval for the UK's first authorised residential property fund.
TM Hearthstone UK Residential Property Fund is an open-ended tracker-style product which will provide exposure to a diversified portfolio of private rented sector properties broadly representing the UK house price index.
Created by Hearthstone in partnership with Tutman, a specialist authorised fund operator, the fund is aimed initially at retail investors.
Hearthstone's target for the fund is £250 mln (EUR 309 mln) in the first 18-24 months. Potentially, this could rise to more than £1 bn by the firth year as support for the new residential funds industry becomes more widespread, the company said.
