Fraser Blain: Finding the 'alternative' without property

Multi-asset portfolios aimed at retail investors face a significant but under-discussed challenge. That challenge concerns what replaces the direct UK property element, often held through PAIFs, of portfolios if it can no longer be traded daily. At face value, direct property has met the diversification needs for a broad base of investors as part of a simple, easily understood mix of equities, bonds and property. However, it has become increasingly clear that open-ended property funds will struggle to meet redemption requirements. All too often, these funds have to gate when crises st...