Investors in Global Real Estate, Guernsey, Channel Islands, hired Schroder Property Investment Management as its new investment manager, said a spokesman for the trust’s fund administrator, Northern Trust.
Schroders replaces CBRE Clarion Securities as investment manager. The search for a replacement was announced by IGRE in April. IGRE’s investments, which are in global real estate securities, had a fair market value of £66.3 million ($113.8 million) as of Dec. 31, 2013, the latest financial report said.
“The board has undertaken a detailed strategic review and following a competitive process selected Schroders as the new manager,” said Crispian Collins, chairman of the IGRE board, in a regulatory filing Wednesday. “We look forward to working with them in order to develop the company to the next level.”
Subject to shareholder approval, the trust will change its name to Schroder Global Real Estate Securities.
Schroders also has created a global real estate securities team, a spokeswoman said, and appointed Tom Walker and Hugo Machin as fund managers.
The new positions follow a strategic decision by the money manager to take the management of £1.2 billion of global real estate securities in-house.
The investment management of those assets transfers to the team from EII Capital Managementwhich has served as subadviser, on Aug. 15. EII Capital Management will continue to manage a number of other existing segregated client mandates on behalf of Schroders, according to a news release by Schroders.
The newly created team reports to Neil Turner, head of indirect property investment. The team will manage the Schroder Global Property Securities Fund, Schroder Global Property Income Maximizer Fund and Schroder ISF Global Property Securities.
Mr. Walker joined Wednesday; he was deputy head of global listed real estate at AMP Capital. Mr. Machin will start July 7; he was head of European listed real estate at AMP Capital.
A spokesman for AMP Capital confirmed Messrs. Walker and Machin’s departures and said replacements will be announced in due course.