GLOBAL - Global multi-manager ING Real Estate Select is to lose its founder and chief executive because it is relocating to its parent company's home country. 

Nick Cooper, who set up what was one of the first multi-manager businesses at the time, will leave the ING Real Estate Investment Management subsidiary at the end of the year.

He said the decision to relocate the head office of ING REIM's  multi-manager arm to the Netherlands does not "fit into my life or career plans at this time and I have therefore declined ING Real Estate's offer to remain part of the business".

ING REIM said it will announce a succession plan shortly.

George Jautze, chief executive at ING REIM, said: "We are very sorry to see Nick leave but understand his decision. I would like to thank him personally for his leadership of Select over the past 10 years and for growing the business into one of the leaders in the field of indirect investment."

Cooper joined ING REIM more than 20 years ago and was one of the shareholder directors of Baring, Houston & Saunders which was subsequently acquired by ING Real Estate.

He founded ING Real Estate Select in 2000 and this was one of the first real estate multi-manager businesses to be established.

He is recognised as a leading figure in the indirect property industry, particularly in the UK, having held the position of chairman at the Association of Real Estate Funds for three years.

Cooper will continue to have an ongoing role with ING Global Real Estate Securities, a London-listed, Guernsey-based company with which he has been closely involved since its launch in 2006.

Nick added: "I have had an exciting and challenging time with ING and have thoroughly enjoyed growing the multi-manager business into one of the most successful global businesses in this arena. I believe Select is a great team and I will be sad not to be part of it in the future."