Henderson hands international property unit to Aviva Investors
FUND management group Henderson has transferred its international property fund over to Aviva Investors following a strategic review of the fund’s prospects.
The international property fund, which faltered under previous owner New Star as redemptions ballooned in the credit crisis, was only re-opened to daily dealing in February after a closed period of over a year. It was renamed after Henderson bought out New Star last year.
Henderson’s review concluded that the fund would have to grow in both size and regional diversification in order to prosper over the longer term, something the firm said it was unlikely to achieve organically.
Aviva Investors plans to combine the £183m Henderson property fund with the £223m of assets in its own European and Asia-Pacific real estate funds.
Henderson said it had plumped for Aviva after conducting a detailed analysis of suitable property vehicles, with Aviva’s global real estate capability and investment experience eventually landing it the mandate.
“We expect clients to gain the immediate benefit of a strengthened investment proposition,” the two firms said in a statement.