Pramerica Real Estate Investors will become the investment adviser for the UBS Secure Income Property Fund, a role currently performed by UBS Global Asset Management (UK).

The transfer is subject to satisfaction of Jersey regulatory requirements.

Pramerica Real Estate Investors is the European arm of the real estate investment and advisory business of Prudential Financial.

On completion of the transfer, expected to take place on 1 September 2010, Pramerica will become the investment adviser to the fund, which will be renamed the Pramerica UK Ground Lease Fund.

Charles Crowe, director of UK real estate at Pramerica, will be the lead portfolio investment adviser for the fund, working alongside colleagues Paul Dennis-Jones and Andrew Grigson, all of whom joined Pramerica from UBS Global Asset Management in September 2009. While at UBS, Crowe was the portfolio adviser to the fund.

“At Pramerica, we have a strong interest in developing our business in ground lease funds,” Crowe says. “In assuming the advisory role for this vehicle, we will be looking to apply our transactional and advisory expertise to generate further strong returns for investors. This transfer significantly builds our credentials in this specialist area of the real estate market and we are delighted to take on this successful fund from UBS.”