ING Real Estate Investment Management announces that Nick Cooper, founder and Chief Executive of its multi-manager business, ING Real Estate Select has resigned and will leave the business at the end of December 2009.
Announcing his resignation, Nick said "I have had an exciting and challenging time with ING and have thoroughly enjoyed growing the multi-manager business into one of the most successful global businesses in this arena. I believe Select is a great team and I will be sad not to be part of it in the future. The recent Head Office decision to re-locate the global Select business to the Netherlands does not however fit into my life or career plans at this time and I have therefore declined ING Real Estate's offer to remain part of the business. I do however wish Select and the team on-going success which they thoroughly deserve."
George Jautze, CEO ING REIM, commented on Nick's resignation: "We are very sorry to see Nick leave but understand his decision. I would like to thank him personally for his leadership of Select over the past ten years and for growing the business into one of the leaders in the field of indirect investment."
Nick joined ING Real Estate Investment Management over 20 years ago and was one of the Shareholder Directors of Baring, Houston & Saunders which was subsequently acquired by ING Real Estate. He founded ING Real Estate Select in 2000 and it was one of the first real estate multi-manager businesses to be established at that time. He is recognised as a leading figure in the indirect property industry, particularly in the UK, having recently been Chairman of the Association of Real Estate Funds for three years.
Although he is stepping down from his role as CEO of Select Nick will continue to have an ongoing role with ING Global Real Estate Securities Ltd (IGRE) a London listed Guernsey based company with which he has been very closely involved since its launch in 2006.
A succession plan for Select will be announced shortly.