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Legal & General Investment Management has proposed changes to its UK property fund by shifting from a direct property focus to include indirect property holdings through real estate investment trusts (Reits). This move would be referred to as PAIF Hybrid and would see it reduce its exposure to direct property investment to 45 per cent.The fund will also allocate 45 per cent to global Reits and place 10 per cent in cash.This comes as part of a commitment to continue providing investors with access to direct UK property investments and consider requirements for a daily dealing...

In August last year the BRICS summit convened in Johannesburg. Six new members (Iran, Saudi Arabia, Egypt, Argentina, the UAE and Ethiopia) joined the existing five members (Brazil, Russia, India, China and South Africa), and the group now accounts for almost half the world’s population.It is the latest challenge to the unipolar world, dominated by the US, that has existed since the second world war. The rules under which most of the world’s monetary systems operate were established by the 44 allied nations at Bretton Woods in 1944.These rules have been in place,...