Henderson Global Investors has added to its growing property business with the appointment of Stanley Chin as Fund Manager for Pagoda, the Henderson Asia-Pacific Indirect Property Fund which aims to have its first closing late Q4 2007 or early Q1 2008. He will be based in Henderson's Singapore office.
Stanley has joined Henderson from HSBC Principal Investments Group where he spent almost three years as Investment Director of Property, responsible for deal origination, negotiation and execution, and formulating and implementing investment strategies. Before that, he worked for Prudential Financial's Property business.
Aimed at institutional investors globally, Pagoda will invest in both open and closed ended sub-funds and is one of the first funds of its kind to offer an indirect property fund investing in direct Asia-Pacific property funds. It has a primary target total return of 15 per cent per annum over the first five years of the life of the fund with a secondary target income return of 4 per cent per annum and aims to exceed US$1 billion of assets under management. The fund is a Luxembourg Fonds Commun de Placement (FCP) with both US dollar and Euro denominated sub-funds.
Commenting on Stanley Chin's appointment, Chris Reilly, Head of Henderson Property in Asia says, "We are delighted to add Stanley to the team given his track record and experience in the sector. Right now there is a terrific opportunity in the Asia-Pacific property fund sector and Stanley will ensure our clients have access to a large and diverse pool of quality assets through a well structured and managed fund. We believe that the Asia-Pacific commercial property sector will continue to expand rapidly over the next 5 to 10 years due to ongoing economic integration, the continued expansion of real estate capital markets, and a rapid pace of urbanisation and increased cross border activity. Despite over 3.5 billion people and a highly educated and skilful workforce, the Asia-Pacific property market remains relatively immature and it is this dynamic that provides a wealth of property investment opportunities."
Henderson's property team manages over US$23.8 billion of property assets globally and has over 180 professionals located in key markets worldwide with a research team that monitors and forecasts more than 800 local markets across all the major international property markets, and across a range of products, sectors and services.
Pagoda follows on from Henderson's launch of the first open-ended European Fund of Funds (HIP) in December 2005. HIP has now over 750 million of committed equity and is invested across 18 European funds. Henderson manages funds and mandates for over 200 clients and as of December 2006, 98%of all Henderson funds had outperformed their benchmark over the previous 3 years.
Source: FD Tamesis