BlackRock to transfer two property funds to Aviva
LONDON (Reuters) - Asset manager BlackRock will transfer the management of two property fund of funds to Aviva Investors following the departure of the funds' manager for Aviva, both companies said on Friday.
The transfer is to help maintain continuity for unitholders, after John Gellatly joined Aviva Investors' Real Estate Multi Manager (REMM) team from BlackRock in September 2009, the companies said in a joint statement.
When the transfer is completed on November 24, the 62.6 million pound BlackRock European Property Fund of Funds and the 54.8 million pound BlackRock UK Property Fund of Funds will be renamed as Aviva Investors' funds.
The financial terms of the transfer are confidential, an Aviva Investors spokesman said.
"The hiring of John Gellatly, who has extensive experience of the indirect real estate markets and particular knowledge of these funds, prompted the decision to bring them onboard," Nick Mansley, Aviva Investors global head of REMM said.
"The addition of the funds is consistent with our overall plans to expand the business to offer clients pooled solutions alongside the existing segregated account service," he said.
Aviva Investors manages 21 billion pounds in real estate assets globally, while BlackRock's real estate team manages $19 billion (11 billion pounds) worldwide.
(Reporting by Daryl Loo; Editing by Andrew Macdonald)
(See www.reutersrealestate.com for the global service for real estate professionals from Reuters)
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