The global financial crisis has claimed another real estate scalp following the resignation of James Elton as CEO of the celebrity UK property investor AAIM. Elton tendered his resignation shortly after one of AAIm's key funds was put into administration. The company has emphasised that the wider organisation is still intact.
The global financial crisis has claimed another real estate scalp following the resignation of James Elton as CEO of the celebrity UK property investor AAIM. Elton tendered his resignation shortly after one of AAIm's key funds was put into administration. The company has emphasised that the wider organisation is still intact.
Elton was promoted from head of AAIM UK to CEO of the entire group in April 2007. But the worsening of the credit crisis forced the JCCO 114 fund, known as AAIM Limited, into administration. Elton is assisting with the administration process.
The main mandate of JCCO 114 was to manage the £2.1bn Symmetry fund. Catalyst Capital is expected to take over the mandate.
AAIM was a high-profile investor in UK and European commercial property in recent years. The company counted TV presenter Sir David Frost and Manchester United manager Sir Alex Ferguson among its leading shareholders and advocates.
