Old Mutual Global Investors (OMGI) has moved to offload its £437m property fund to Henderson Global Investors, proposing a merger of the portfolio into the Henderson UK Property fund.
Henderson's fund, managed by Ainslie McLennan (pictured) and Marcus Langlands Pearse, will swell to £2.7bn if the merger is approved by shareholders. The management of the Old Mutual Property fund is currently outsourced to real estate specialists CBRE Global Investors. OMGI said both sets of investors should benefit from being part of a larger, more diversified portfolio. The merged fund would continue to be managed by Henderson's real estate team, formed earlier this year following a merger between Henderson's existing real estate business and TIAA-CREF. Julian Ide, CEO of OMG...
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