Schroders has established a new global property securities (GPS) team to manage more than GBP1.2bn of assets under management following a strategic decision to take the investment management in-house.
Tom Walker joins on 2 July as a fund manager from AMP Capital where he was deputy head of global listed real estate.
Hugo Machin will join on 7 July as a fund manager from AMP Capital where he was head of European listed real estate.
Ben Forster will also transfer as a fund analyst from the Schroder Property Multi-Manager team where he has worked for seven years.
A further fund analyst has also been appointed who has seven years’ property securities experience and will join the team in August.
The newly created GPS team will report to Neil Turner, head of indirect property investment, and will work closely with Schroders’ existing GPS specialists based in Asia and North America.
The team will take on the investment management of the Schroder Global Property Securities Fund, the Schroder Global Property Income Maximiser Fund and Schroder ISF Global Property Securities from EII Capital Management with effect from 15 August 2014. The investment objectives of the funds remain unchanged. EII Capital Management will continue to manage a number of other existing segregated client mandates on behalf of Schroders.
Schroders has also been appointed manager of the listed trust “Investors in Global Real Estate”. This is the UK’s only listed investment company that has a global property securities investment strategy. Subject to shareholder approval, the trust will change its name to Schroder Global Real Estate Securities.
Duncan Owen, head of Schroder property, says: “Global property securities is a strategically important market to Schroders and the establishment of this new team is a significant development for us. Investors increasingly understand the benefits of diversification and increased liquidity that can be gained by including global property securities within their property allocation. We welcome Tom and Hugo to the team and we look forward to continuing to work with our partners EII Capital Management, Inc. on existing segregated client mandates.”
Christian Lange, EII Capital Management, says: “We have enjoyed the mutually successful partnership with Schroders over the last nine years. Both firms have grown substantially during this period and we understand the strategic decision to bring the investment management of the real estate securities funds in house. While we are sorry to lose the three Schroders house funds, we look forward to continue to manage the existing joint segregated accounts.”