GLOBAL - Real estate fund-of-funds pioneers Anders Åström and Tomas Otterud have teamed up with former AP1 CIO Bo Ljunglöf to establish an independent investment firm targeting institutional investors.
Custor Capital will look to launch traditional, pooled fund-of-funds products, as well as real estate investment solutions on a separate account basis.
Åström and Otterud founded Aberdeen Property Investors' fund of funds business (API IIM) and more recently headed up the global Real Estate Customized Fund Investment Group at Credit Suisse.
Ljunglöf is a former fund director of API IIM's Asian activities and spent 11 years as chief investment officer at the first Swedish buffer fund AP1.
Åström said: "Having built a global fund of funds business at Aberdeen and further developed our network and expertise at Credit Suisse, we are well placed to use these 10 years of experiences to assist investors in the management of their real estate programmes through the next cycle."
The company will also widen its investment universe to club structures, as well as traditional real estate funds, a direction already announced by CBRE Investors' multi-manager business.
Ljunglöf said: "High volatility in the equity markets has resulted in that many institutions are considering decreasing their exposure to equities, and long-term fear of inflation makes the bond market less attractive.
"In this context, real estate, with its characteristics of long durations and inflation protection, is considered very appealing."
Custor Capital will also be joined by Edward Jögi, former vice-president and portfolio manager at Credit Suisse and head of investment analysis at API IIM.
The management team is expected to expand through recruitments and strategic alliances going forward.