Nick Riley has announced a surprise exit from his leadership role at Investec Property Fund (IPF), having been at the helm for more than three years.
Riley has been promoted to a broader leadership role within Investec Bank, leaving the team he led in trebling the size of the fund in a relatively short time, the Investec group says.
Riley became CEO of IPF in April 2015 and was instrumental in a number of acquisitions for the group, including buying a R7.1bn portfolio from Zenprop and a R826m industrial portfolio from Griffin.
Andrew Wooler, the fund’s chief financial officer, and Darryl Mayers, head of the Investec Property South African trading and development portfolio, will take over as joint CEOs of IPF.
IPF listed in 2011 with assets worth R1.7bn and the fund now owns assets worth R20.2bn.
"On behalf of the board, I would like to congratulate Nick on his promotion and thank Nick for the role he has played in leading the fund over the past three years. The portfolio of direct assets and investment portfolio that has been assembled stands the fund in good stead to continue to deliver on its strategic objectives," said IPF chairman Sam Hackner.
There was a strong set of skills in the fund "encompassing direct property, financial and deal making under the new leadership together with having Nick in his new role, still intimately involved," he said.
Riley will remain as a non-executive director at the fund and his new position will include continued responsibility for Investec Property.
Evan Robins, the listed property manager of Old Mutual Investment Group’s MacroSolutions boutique, said Riley’s move had come too soon and that fund managers wanted more leadership stability.
"As Investec Property Fund has an external management company, the management company can move people around in its interests, and not in the fund’s interests," said Robins.
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