Money Management

Savills Investment Management names M&G veteran as next CEO

Alex Jeffrey will join global real estate investment manager Savills Investment Management in late 2019 as CEO, according to a news release Wednesday.

Mr. Jeffrey will be based in Singapore and will assume the top role from Kiran Patel, the firm's chief investment officer, who became acting CEO as well in mid-2018 when Justin O'Connor stepped down following a 12-year stint.

In January 2018, Savills announced that Mr. O'Connor would be relocating to Hong Kong from London in recognition of the Asia-Pacific region's importance to the firm's long-term growth, but he left the company before the move was made.

Mark Ridley, CEO of Savills PLC, the parent company of the real estate investment arm, said in the news release that the fact that Mr. Jeffrey will be based in Singapore "is a clear demonstration of the importance we attach to Savills' future growth potential in the Asia-Pacific region."

A Savills spokeswoman couldn't immediately say what portion of the €18.3 billion ($20.7 billion) of real estate assets the firm managed as of Dec. 31 was invested in the Asia-Pacific region, or came from clients based in the region.

Mr. Jeffrey was head of Asia Pacific for M&G Investments. An M&G spokeswoman said a replacement for Mr. Jeffrey has not yet been named.

A source familiar with the situation, who declined to be named, said Graham Mason, M&G Prudential's Singapore-based chief international officer, will assume oversight of M&G Investments' Asia-Pacific business on an interim basis. Mr. Jeffrey will stay on for now to ensure a smooth transition, the source said.

A spokeswoman for Savills Investment Management in Singapore couldn't provide any further detail regarding Mr. Jeffrey's starting date.