Ignis has spun off its property operations into a new standalone unit, Ignis Real Estate.
The unit, which controls £2.6bn of assets, is aiming to build on £800m of net inflows the group has taken into existing Ignis property mandates in 2010. Ignis runs property mandates for a number of clients, including the Phoenix Group. The group is the appointed adviser to the £929m UK Commercial Property trust, the largest UK-listed offshore property investment company, which is currently trading at a 1.4% premium to its NAV. It also manages the £700m Ignis UK Property fund. Gary Hutcheson has been appointed managing director of the Real Estate business, after heading up the group...
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