Berkeley Group, one of the UK’s biggest housebuilders, has chosen a Schroders asset management veteran to helm its board, as British real estate climbs the ranks in asset value.
City grandee Michael Dobson and former Schroders CEO and chairman will join the board of the Berkeley with immediate effect, the housebuilder said today.
It will be Dobson’s first major position since stepping down from Schroder’s last year, after steering the asset management group for more than two decades.
Incoming chairman Dobson is set to replace Glyn Barker when he exits the role at Berkeley’s annual meeting in September.
While the new position marks a career shift for Dobson, the leagues are largely similar with both FTSE 100 companies navigating multi-billion-pound revenues.
A spike in demand for new houses in the UK is also expected to drive revenue at Berkeley higher, leaving Dobson well positioned to make use of his war chest of financial experience.
Already high property prices have boomed since the pandemic, as a race for space and limited stock drive up costs.
Given demand at the end of last year, Berkeley hiked its annual profit forecast by five per cent for the next few years.