FINANCE: UBS has hired CBRE Global Investors’ Edward Brown as asset manager for its £627m Triton Property Fund.
Brown leaves a position as portfolio manager of CBRE GI’s Lionbrook Fund, an ING legacy vehicle whose assets under management stand at around £519m.
He will join UBS on 20 October.
Brown spent six years at ING as an asset and portfolio manager before the firm’s 2011 takeover by CBRE.
Howard Meaney, executive director of real estate at UBS, will continue his role as portfolio manager.
The fund, which invests in a mix of offices, warehouses and retail, returned 5.5% in the 12 months to the end of Q1 2014.
Triton underwent a major restructuring over the summer which included the introduction of a supervisory board and changes to the way redemptions are handled.
The fund was badly hit by depreciating asset values and queues of investors attempting to leave the fund in the years following the recession. Management imposed a redemption freeze in mid-2012, after which time requests grew to more than £500m.
However, a cash injection from overseas investors at the end of 2013 resolved problems around the redemption queue.
sophia.furber@estatesgazette.com
