Significant shake up at Old Mutual's SA Corporate property fund

Posted On Wednesday, 01 April 2009 02:00 Published by
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Old Mutual Investment Group Property Investments has embarked on a realignment of its management structure in line with its growth strategy

A key component of the growth strategy, to achieve assets under management of R100 billion by 2015, is the creation of a centralized fund management team in Cape Town which is the domicile of much of the investor community and of major retail organizations who are important role-players in property.

The centralisation of Fund Management is fundamental to enhancing focus on performance for fund investors as each team will be focused on driving investment performance only for the funds they manage.

The board of SA Corporate Real Estate Fund, where fund investment performance has been below expectations, indicated its support for this strategy insofar as it affected the fund.

As a consequence of the restructure the executive directors and other senior management of the Fund who are based in Durban have declined to relocate to Cape Town. In the interest of a smooth transition, Old Mutual Property Investments and the departing management team have reached agreement on a handover period of between 3 and 6 months and the current executive directors will continue as directors until further notice.

Colin Young has been appointed as the new Fund Management Executive for Old Mutual Property Investments and he will be responsible for managing the SA Corporate transition team until new management is in place. A support team which draws on the depth of skills within Old Mutual Property Investments reporting to Colin Young, is in place, as is a recruitment process to take over key roles within the transition team in the short term.

Unitholders of SA Corporate will be informed regarding the appointment of incoming management in due course.

On behalf of the Executive team of Old Mutual Property Investments I would like to thank the outgoing executive directors and managers for their contribution over the years and for their willingness to support the transition.

Publisher: eProp
Source: OMIGPI

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