Cushman & Wakefield has offloaded its investment management division as it embarks on its five-year growth plan.
The property services firm, which is majority-owned by the Agnelli family through its private vehicle, sold Cushman & Wakefield Investors to investment manager La Française and private equity giant Forum Partners.
CWI had €1.2bn (£1bn) of assets under management through offices in London, Frankfurt and Paris at the end of 2012.
CWI chief executive David Rendall and managing director Jens Göttler together with their current team will continue to manage the business and investments under the new brand, La Française Forum Real Estate Partners.
No price was disclosed for the sale, which is subject to regulatory approval.
Crédit Mutuel Nord Europe subsidiary La Française bought a 25% stake in Forum Partners in 2013 in return for a $600m (£381.5m) commitment.
Cushman & Wakefield EMEA chief executive Carlo Sant’Albano said: “We remain focused on executing our plan, which is critical to expanding our business and for delivering high-quality, value-added services to our clients. With a number of high-priority strategic growth initiatives underway at present, it is not the right time to invest substantially in building out the CWI platform.
C&W has undergone a management reshuffle ahead of expanding strategic parts of the business to fulfil its aim of becoming a top-three global property services firm.
Last December last year it named former Goldman Sachs investment head Edward Forst, as its new president and chief executive.
Prior to that it appointed Digby Flower as UK chief executive, replacing Bryan Laxton, and appointed Rupert Dodson as UK chairman.
