Aviva Investors is to take over management of a major Henderson property investment vehicle.
Henderson Global Investors has agreed to transfer management of one of its
property investment vehicles to Aviva Investors.
The Henderson International Property (IPF) fund was only recently re-opened after soaring redemption costs saw it close for 14 months.
Present Fund Manager Mark Carpenter remains confident in international
commercial development assets and the investment opportunities they present, but has accepted that Henderson were not in a position to grow the portfolio sufficiently.
"Despite the wealth of experience and expertise of the Henderson property business, we do not have other open ended international property funds for retail investors which could be merged with the fund," he said.
Aviva Investors will become the new fund manager on August 2nd, where it will be merged into two existing Aviva property investment vehicles.
Conditions may become difficult for the new fund, as Alex Ross, manager of the Premier Pan European Property Share fund, predicted earlier this week that capital growth in the market is set to halt.
Posted by Hadji Singh.
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