John Forbes, a real estate funds partner at PwC, is to leave after more than 25 years with the accountancy giant.
Forbes will leave the partnership on 1 July to set up his own consulting business.
The move has been prompted by Forbes’s paper on the issues surrounding the fund management business for the Association of Real Estate Funds.
Forbes said the document highlighted the want and need for greater governance and compliance in the real estate funds sector.
He told Estates Gazette: “Changes in investor sentiment and in the regulatory environment have created significant demand for consulting services. This provides me with a unique opportunity to fulfil my ambition of establishing my own business which leverages my sector and subject matter expertise. As the real estate investment management industry changes over the next decade, I want to play an active role at the centre of events.”
He pointed to the introduction of AIFMD in July this year as a new regulation that could cause several smaller funds to struggle with governance.
“For smaller fund managers, this is going to be a challenge,” said Forbes, “so having independent people involved to advise will be of great help. The industry is being driven towards governance and compliance. It will need the external help that conventional service cannot provide.”
Craig Hughes, real estate industry leader at PwC, said: “We would like to thank John for his contribution to the firm over the past 25 years and we wish him well as he embarks on the next chapter of his career.”
samantha.mcclary@estatesgazette.com
