People Moves
L&G Property Adds Three Asset Managers
The property arm of the UK insurance and investment house has added three managers to its UK Property Fund.
Legal & General Property, part of UK-listed insurer and
investment house L&G, has added three asset managers to its
UK Property Fund. The fund has surpassed £2 billion ($3 billion)
of assets under management.
The new hires are Alex Waterworth, Andrew Mercer and Peter
McNamara. Waterworth will join as senior asset manager to handle
the majority of the fund’s industrial assets. Mercer will also
join as senior asset manager and be in charge of the majority of
the office assets. McNamara will join as asset manager and work
on assets across all classes. The hires mark an expansion of the
firm's staff, a spokesperson told this publication when asked
about the matter.
Waterworth has 10 years of experience from JLL, eight of which
were in the Industrial Property Investment Fund asset management
team. He has also worked as an asset manager for a pan-European
fund.
Mercer previously worked at Capita for six years and has 15 years
of experience as a central London specialist. His past work
included both investment agency, asset manager and advisory
roles. McNamara has experience of valuation, West End office
agency activity and running the Portman Estate leasing programme.
He was awarded the Colliers EMEA Rising Star award in
2013.
The UK Property Fund was launched in 2006. According to L&G
the fund has had a steady inflow of capital from retail and
institutional investors.
The fund has made a series of acquisitions including the Compass
Portfolio with six south east offices for £135 million, the £22.9
million Mayfly portfolio of prime high street assets, and the
purchase of 14-28 Corporation Street in Birmingham for £15.96
million, said the firm.
The fund converted into a property authorised investment
fund structure in May 2014, resulting in more tax-efficient
income for many investors, according to the firm.
Legal & General Property is part of the real assets division of
Legal & General Investment Management. The institutional asset
manager and global investor manages £525 billion in assets on
behalf of over 3,100 clients as of 31 March.
