team is made up of Tom Walker and Hugo Machin who have been hired away from AMP Capital where they were, respectively, deputy head of global listed real estate and head of European listed real estate and Ben Forster, who will transfer to the team from Schroder Property. It adds that a fourth fund analyst has been appointed, who will join the firm in August.
Reporting to Neil Turner, head of indirect property investment, Shroders says the team will work in conjunction with its other property securities teams in Asia and the US.
According to the board of closed-ended investment company : “The appointment of Schroder Property has been made following an extensive review process. Given the experience and abilities of the new Schroder GPS team, the Board believe the appointment will best serve its key objectives of growing the company whilst maintaining the strong investment performance.”
It added that subject to shareholder approval, it will change its name to "Schroder Global Real Estate Securities Limited".
Under the management agreement, Schroders will be paid a management fee 0.85% per annum of the Company's net asset value, it said and will be subject to a notice period of 6 months.
In a statement to the stock exchange, Duncan Owen, head of Schroder Property, was quoted saying: “Global property securities is a strategically important market for Schroders. Investors increasingly understand the benefits of diversification and increased liquidity that can be gained by including global property securities within their property allocation.”
