Legal & General Property (LGP) announces internal restructure as it continues to grow the business.
28 October 2011
Legal & General Property ("LGP") announces a restructure of its senior management team to support the ongoing growth of its business and further align the strength of its in-house platform with its investment objectives. The changes include the promotion of Michael Barrie to Director of Fund Management, responsible for all balanced funds including the Life Fund, Nigel Fuller to Senior Fund Manager of the Life Fund, Gordon Aitchison to Director of Transactions and Development, and Charlie Walker to Director of Business Development.
Michael Barrie will now oversee all the balanced funds, following Helen Gordon's departure, thereby creating a single integrated platform which captures the benefits of economies of scale, through its access to shared teams and in-house resources, whilst retaining its dedicated fund management reporting structure. Shared resources include LGP's well established teams of sector specialists, who possess in-depth knowledge of each facet of the industry, as well as strong transactional and development capabilities. Each fund also benefits from its own dedicated individual team of fund managers, led by a senior fund manager or fund manager at the top and supported by specialist asset managers. Michael joined Legal & General Property in 2005 having previously been a Director of F&C Property Asset Management with a track record of investment outperformance across a range of funds.
Reporting directly into Michael Barrie, Nigel Fuller has been appointed as Senior Fund Manager of the Life Fund. Nigel has over 25 years of experience in the industry has worked at Legal & General Property for 14 years specialising in the office sector, following his time at Greycoat. His early career was spent at Weatheralls, with experience across a range of property sectors. At LGP, Nigel has worked across the Life Fund and has been a key part of the team, helping to deliver recent success at Central Saint Giles and Walbrook Square.
Gordon Aitchison, Director of transactions at LGP, has taken over responsibility for LGP's development team, allowing greater integration between the investment activities of the fund platform and its development pipeline. LGP has significantly grown its transactional and development capabilities over the last few years through a number of strategic hires in order to enhance its access to off-market deals and extend its project pipeline to position it to capitalise on the market mispricing. Following the success of award winning Central Saint Giles, amongst other landmark projects, the Company's major development platform is not only responsible for delivering a pipeline of new West End office redevelopment projects, but also significant town-centre retail regeneration projects, including Bracknell, Northampton and Eastbourne.
Following his appointment to the LGP Board earlier this year, Charlie Walker has been promoted to the role of Director of Business Development in order to build upon LGP's successes in client-led product development. Against the backdrop of an extremely challenging capital raising environment, LGP not only launched three new innovative fund products over the past 18 months, the Hybrid Property Fund, the LPI (Limited Price Inflation) Income Property Fund and the UK Property Income Fund (UK PIF), but also successfully raised significant equity for them, closing the UK PIF last week with a total investment capacity of circa £475 million. Attracting equity commitments from 14 major international institutional investors based in the Middle East, Denmark, UK, France, Finland, Switzerland and Japan, the UK PIF clearly illustrates LGP's ability to diversify its capital resources and tap into a new pool of investors based outside of its traditional UK investor base.
Bill Hughes, Managing Director of Legal & General Property, comments:
"Following a period of significant growth and the strategic strengthening of LGP's in-house resources, we believe that the careful realignment of our platform will help to consolidate our strengths and continue to embed a model that has demonstrated the scope to deliver outperformance across the business. We look forward to building upon this successful model and feel well positioned to continue to capitalise on a range of market opportunities."
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Notes to editors
Legal & General Property
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe's largest institutional asset managers and a major global investor. LGIM manages approximately £362bn of assets on behalf of more than 3,300 clients (30 June 2011) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 17 separate funds or vehicles and two segregated mandates with an aggregate asset value of over £10.1bn as at 31 March 2011. These funds include:
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; UK Logistics Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property Income Fund; LPI Income Property Fund and the Hybrid Property Fund.
LGP's UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP's market-leading research capability.
LGP's sector specialism's cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering the West End office market's latest landmark, Central Saint Giles, and currently involved in developing its high profile Covent Garden scheme, Agar Street, as well as significant town-centre retail regeneration projects, including Bracknell, Northampton and Eastbourne.
Legal & General Property Limited. Registered address: One Coleman Street, London EC2R 5AA. Registered in England 2091897.
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