A major new deal in the real estate fund administration industry has been signed as Schroders Capital outsources fund accounting and administration services on around £11 bn (€13 bn) of real estate assets.
The UK-based investment house has appointed CBRE's investment accounting and reporting solutions team (IA&R) in the UK (including Jersey) and Luxembourg to handle the real estate funds.
Investment managers appoint third party fund administrators to remove the burden of having in-house teams carry out the regular administration and accounting duties that a manager and its investors require.
Sophie van Oosterom, global head of RE at Schroders Capital, said: 'The administration partnership allows us to fully focus on - and flexibly scale - our fund and asset management expertise for our clients across the globe. We will continue to invest in our expert real estate teams on the ground, to source and deliver optimal risk adjusted investment opportunites to meet our clients objectives and ensure operational excellence in the execution of the business plans.'
CBRE IA&R has over £275 bn in assets under administration, from complex fund structures including closed and open-ended funds, public and private REITs, JVs, and separate accounts, along with property and design and construction accounting.
