Kames manager to leave Brexit-hit property fund


Kames Capital fund manager Alex Walker, co-manager of its Property Income fund, will be departing the firm in December to take a career break, the firm has confirmed.

Walker will be replaced by Richard Peacock, who joins from Aviva Investors, where he was responsible for the £1.2bn open-ended property fund for UK pensions.

Peacock will report to Kames’ property investment director David Wise and will lead a team of five property specialists.

The Kames Property Income fund was the worst hit fund in the three months following Brexit, according to analysis by Hargreaves Lansdown with returns of negative 8.8 per cent over the period.

However, unlike many of its peers, the fund did not suspend trading in the aftermath of the UK vote to leave the European Union, with Kames pointing out the fund has over 25 per cent in liquid assets at the end of September.

Kames Capital’s head of property investment Phil Clark says: “We are witnessing very interesting times in the property UK sector following the vote to quit the European Union in June. The decision has created both challenges and opportunities for the property market.”

Clark says Wise and Walker were able to “navigate the post-Brexit property shock which saw many of our competitor funds closing their doors to redemptions, whilst our fund remained open”.

Peacock will work alongside the Property Income fund’s three assistant fund managers Gregory Beeson, Karen Fox and Ric Tsang.

Kames Capital has appointed Richard Peacock as an investment manager to its London based property investment team.