Lead fund manager Ian McBryde is to retire from the F&C UK Real Estate Investments trust after 10 years managing the fund.
The fund manager, who will leave the trust in 2016, will be replaced by DTZ Investors fund manager Peter Lowe at the end of 2015.
At DTZ Investors Lowe spent nine years managing the Pearl Assurance, University Superannuation and Imperial Tobacco Pension funds.
F&C UK Real Estate Investments chairman Quentin Spicer says: “I would like to express our thanks to Ian for the contribution he has made to the company over the last 10 years and wish him well in his forthcoming retirement.
He added that he is “confident that Peter, supported by the wider investment team within BMO Real Estate Partners, will build on Ian’s achievements and continue to deliver long-term performance”.
The news of McBryde’s retirement comes as the firms’ property portfolio has returned 16.7 per cent over the year to June 2015, just outperforming the Investment Property Databank UK Quarterly Index return of 15.7 per cent.
According to the firm’s annual results, published today, the value of the property portfolio increased to £337.5m compared with £300.6m year-on-year.
McBryde says: “If the economy performs in line with consensus forecasts, we believe that property will continue to deliver positive total returns. There are global uncertainties and the scope for further yield compression may be limited.
“However, performance is likely to become more reliant on rental growth spreading to the regions, and the income return which property has traditionally delivered. We continue to believe in the importance of sound stock selection and that the protection and enhancement of the income stream will remain key to performance.”