Retirement Villages Group boss to lead Duchy of Cornwall

News

29 July 2024

Will Bax, chief executive of AXA IM Alts-owned Retirement Villages Group, is joining the Duchy of Cornwall as secretary and keeper of the records.

He will join the Duchy in November this year and takes over from Alastair Martin, who has held the position since 2013. At RVG, he is replaced by Tim Seddon, who has been a director in the business since 2020.

Bax said: “I am hugely excited to be asked to lead such a historic and purposeful organisation and look forward to building on their remarkable legacy of thought leadership and sustainable stewardship; creating positive outcomes for people, communities and nature. Everything that I believe in.”

At the Duchy of Cornwall, the billion-pound estate which the Prince of Wales inherited on the death of his grandmother, which includes the Poundbury development in Dorset, Bax will be responsible for continuing Martin’s evolution and innovation across the estate, planning the estate’s strategic delivery and pushing forward its ESG strategy.

According to the most recent annual report for the Duchy, published last week, the estate has net assets of more than £1.1bn. Income across the estate is derived largely from and in the year under review increased by 4.5% to £35.8m, led by its commercial portfolio.

Outgoing secretary Martin said: “Our medium-term goal remains to grow the real net income of the Duchy while maintaining the real capital value. In a year of high inflation and difficult business environments for many of our tenants, this has been challenging.

“We will intensify our review of asset allocations and the performance of different asset classes. We will undertake further analysis of the risk inherent in the portfolio and its diversity, together with its impact on the environment and how it is affected by changes in both the climate and nature.”

Prior to RVG, Bax was executive director at Grosvenor, responsible for its 300-acre mixed-use London Estate. He is a also a trustee of the Blenheim Palace Foundation.

The Duchy has also recently appointed William Van Cutsem, a close friend of Prince William, as an adviser to the business. Van Cutsem runs Pigeon Investment Management and is a chartered surveyor specialising in logistics, storage and renewable business.

The Duchy of Cornwall’s commercial property and development committee is chaired by former Knight Frank senior partner Alistair Elliott.

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Duchy of Cornwall

Will Bax, chief executive of AXA IM Alts-owned Retirement Villages Group, is joining the Duchy of Cornwall as secretary and keeper of the records. He will join the Duchy in November this year and takes over from Alastair Martin, who has held the position since 2013. At RVG, he is replaced by Tim Seddon, who has been a director in the business since 2020. Bax said: “I am hugely excited to be asked to lead such a historic and purposeful organisation and look forward to building on their remarkable legacy of thought leadership and sustainable stewardship; creating positive outcomes for people, communities and nature. Everything that I believe in.” At the Duchy of Cornwall, the billion-pound estate which the Prince of Wales inherited on the death of his grandmother, which includes the Poundbury development in Dorset, Bax will be responsible for continuing Martin’s evolution and innovation across the estate, planning the estate’s strategic delivery and pushing forward its ESG strategy. According to the most recent annual report for the Duchy, published last week, the estate has net assets of more than £1.1bn. Income across the estate is derived largely from and in the year under review increased by 4.5% to £35.8m, led by its commercial portfolio. Outgoing secretary Martin said: “Our medium-term goal remains to grow the real net income of the Duchy while maintaining the real capital value. In a year of high inflation and difficult business environments for many of our tenants, this has been challenging. “We will intensify our review of asset allocations and the performance of different asset classes. We will undertake further analysis of the risk inherent in the portfolio and its diversity, together with its impact on the environment and how it is affected by changes in both the climate and nature.” Prior to RVG, Bax was executive director at Grosvenor, responsible for its 300-acre mixed-use London Estate. He is a also a trustee of the Blenheim Palace Foundation. The Duchy has also recently appointed William Van Cutsem, a close friend of Prince William, as an adviser to the business. Van Cutsem runs Pigeon Investment Management and is a chartered surveyor specialising in logistics, storage and renewable business. The Duchy of Cornwall’s commercial property and development committee is chaired by former Knight Frank senior partner Alistair Elliott.