BlackRock said that it would transfer the management of two real estate fund of funds to Aviva Investors, reported Reuters citing a joint statement by companies. The company took the decision after John Gellatly, head of real estate fund of funds at BlackRock, joined Aviva Investors’ Real Estate Multi Manager (REMM) team.
Once the transaction is completed on November 24, the GBP62.6m BlackRock European Property Fund of Funds and the GBP54.8m BlackRock UK Property Fund of Funds will be renamed as Aviva Investors European Real Estate Fund of Funds and Aviva Investors UK Real Estate Fund of Funds respectively.
Nick Mansley, global head of REMM at Aviva Investors, said: “The hiring of John Gellatly, who has extensive experience of the indirect real estate markets and particular knowledge of these funds, prompted the decision to bring them onboard. The addition of the funds is consistent with our overall plans to expand the business to offer clients pooled solutions alongside the existing segregated account service,” reported the news agency.
