The UK’s 60 largest property fund managers had a combined £53bn wiped from the value of their assets in the yearto June 2009 -but still outperformed the IPD over the downturn.
Data compiled exclusively for EG by Property Funds Research shows that, in spite of the destruction of wealth which has seen the value of total assets managed drop by 34% from the beginning of the downturn in June 2007, the fall comparesfavourably with the 45% drop in average capital values recorded by the IPD.
Among the top-10 fund managers, ranked by assets under management, only F&C REIT Property Asset Management saw the value of managed assets increase – by 36% to £4.6bn.
This was due to a merger between F&C Property and REIT Asset Management last year, and to the fact that the new company immediately won the battle for Dawnay Day’s £600m property portfolio.
Managers of highly geared funds such as Cordea Savills and Protego suffered the largest falls (46% each) in the value of managed assets.
See feature, page 48, for full details of the winners and losers among the UK’s largest fund managers.
