Savills Investment Management has appointed Kevin Aitchison to the new role of managing director for equity investments in the UK and Europe, while deputy CEO and global chief investment officer Kiran Patel will retire next year.
Aitchison will join from Knight Frank Investment Management, where he has held the position of chief executive for more than 11 years. Before that, he was at ING Real Estate Investment Management UK for 11 years, initially as a fund director and latterly chief executive.
Aitchison will join Savills IM at the end of 2023, and report to global chief executive Alex Jeffrey. He will take on business management responsibility of Savills IM’s equity investment teams across its UK and European platform.
The job was created to prepare for Patel’s retirement in 2024. His responsibilities will be split between Aitchison and a new global CIO. The hiring process has already begun for that position.
Patel has worked in the real estate industry for 35 years, including nearly 12 years with Savills IM. He will continue in a part-time advisory capacity beyond March 2024 and remain a member of Savills IM’s investment committee.
Jeffrey said: “As an accomplished business leader with many years’ experience in building high-performing integrated teams in the real estate industry, Kevin has the right credentials to drive the continued growth of our European equity investment platform. His new role will be pivotal in building on the momentum and strength of our proposition in Europe at a key time in the real estate cycle.
“I would like to take this opportunity to thank Kiran for his tremendous contribution to the firm over the past 12 years. In his time here, AUM has grown from £3bn to £22bn while our international footprint has doubled from eight to 16 offices. He has overseen an investment process and strategy which has resulted in an outstanding track record and upon which our business today is built. I’m very pleased that he is remaining with the business in an advisory capacity.”
Aitchison said: “After eleven and a half very enjoyable years at KFIM, working with an exceptional group of people, I am very much looking forward to the challenge of my new role at Savills IM: the firm has built an enviable investment track record, delivered by a talented and well-regarded team, and it’s an exciting opportunity to embark on a new chapter of growth.”
Patel said: “I have thoroughly enjoyed playing a leading role in building Savills IM into an established scalable real estate investment manager. We have grown into a formidable investment firm, having established strong business and investment strategies, as well as on-the-ground presence in the most important real estate markets. I look forward to continuing to be part of Savills IM’s journey next year and beyond in my new advisory role.”
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