Manchester-based asset management company McCafferty has won a five-year contract to manage the Numisma Fund, one of Europe's largest real estate funds valued in excess of 1 bln., and has appointed a Chief Executive Officer
McCafferty began working for Numisma - a joint venture between offshore family trust PNFT and wealth management organisation Stenham in 2005 with the objective of establishing a 1 bln. fund in five years. After identifying that the UK property market was overheating, McCafferty changed its acquisition strategy to mainland Europe focusing on German and Swiss real estate. Through McCafferty's swift identification and realisation of opportunities it achieved Numisma's 1 bln. target in just two years.
Property finance expert Charles Whittle has become McCafferty's CEO after working as a consultant to the business for the past seven years. A specialist in corporate finance, tax structuring and corporate governance, he has financed in excess of £1.3 bln worth of property during the last three years alone. Charles has also acquired a stake in the business with McCafferty's Managing Director, Ken Hutchings, holding the remaining shareholding.
Ken said: "The Numisma contract and Charles's decision to join McCafferty as CEO and joint owner represent hugely exciting times for our business. Both will allow our continued expansion and development. In particular, Charles's undoubted knowledge and experience of financing deals provides us with the added expertise that we need to deliver enhanced services for our clients."
Commenting on his move, Charles said: "Having worked closely with Ken and his team over the years, I have always admired the company's combination of entrepreneurial drive and sound strategic thought. As CEO I will build upon those firm foundations to develop and enhance McCafferty's offer and seek new opportunities. We have the ideal mix of people, processes and technology to ensure that the business continues on its upward ascent."
Formed in 2000, McCafferty's founder client was PNFT, which required UK-based asset managers to seek out commercial investment opportunities on its behalf. Since its inception McCafferty has acted as principal advisors to several family trusts, a number of UK commercial property companies and a residential development company specialising in urban regeneration.