David Gavaghan has resigned from Quintain Estates and Developments “by mutual agreement to pursue new opportunities”.
A statement from the listed urban regeneration specialist said Gavaghan, who joined as head of fund management less than two years ago, will leave the company on 15 May.
His duties will be taken over by chief executive Adrian Wyatt with support from “the executive directors and the specialist asset managers who work at the individual fund level”.
Last year, Wyatt also took leadership of the company’s urban regeneration activities, which formed part of deputy chief executive Nick Shattock’s responsibilities before he left the company in June.
During his tenure at the firm, Gavaghan recruited two former colleagues from Northern Ireland, where he was chief executive of the Strategic Investment Board from 2004 until May 2010.
The appointments of Scott Wilson to concentrate on new business opportunities and Michael Donnelly as fund manager for Quantum science park, were part of a drive to grow funds under management to £2bn by March 2013.
The company currently has £1.27bn of assets under management through its holdings in four funds, including its Quercus healthcare vehicle, the iQ student accommodation fund, Quantum and its secondary property market fund, SeQuel.
bridget.oconnell@estatesgazette.com
