UK – Glenn Newson, former head of UK property at Credit Suisse Asset Management (CSAM), has defected to Aberdeen Property Investors. He has taken six people from his team with him.
Newson, who had left CSAM a few years back, joins Aberdeen as the firm, which has built up a track record of single-county fund launches, gears up for its first UK fund.
CSAM commented to IPE that of the original 17 members of the team ten remained with the company and additional hires were made after the team members left.
Juergen Reissfelder is one addition to the team. He is a director and senior member of its successfulEuropean Property team and has assumed responsibility for the UK teamon an interim basis. A further appointment is Karin Einhaueuser, a director who is currently co-head of the acquisitions and sales team in Europe.
Credit Suisse noted that it has £13bn (€20bn) in assets under management in real estate globally, with £2bn in the UK. "We remain committed to building theUK core real estate business to put it on an equal footing with itsother real estate operations," a spokesperson said.
The news of the team joining Aberdeen comes just weeks after those of Gary Potter and Rob Burdett, joint heads of CSAM’s £1.25bn (€1.84bn) UK multi-manager franchise.
The departures of Potterand Burdett identified CSAM’s multi-managerbusiness as a likely targetfor acquisition. North Investment Partners,Thames River, Blackrock andResolution have all been identified aspotential buyers were it to beoffered for sale.
Other recent high-profile CSAM leavers include head of pension fundsGraham Fuller, managing director Ian Chimes and veteran income fundmanager Bill Mott.