Henderson Global Investor's head of property equities, Patrick Sumner, will be retiring from the London-based fund management group, it was announced today.
Funds previously managed by Sumner include the $1.2 billion (€870 million) Henderson Horizon Global Property Equities fund and the $600 million (€436 million) Henderson Horizon Pan European Property Equities.
These funds will continue to be managed by Guy Barnard, who until now co-managed the funds with Sumner.
Barnard will work alongside Tim Gibson to take over as co-head of the global property equities team at Henderson.
Gibson, who is based in Singapore and manages the $350 million (€254 million) Henderson Asia Pacific Property Equities fund, will now also co-manage the Henderson Horizon Global Property Equities fund alongside Barnard.
Sumner spent 17 years at Henderson and has lead the global properties equities team since 2004. Henderson said Sumner was behind the firm's European, Asian and global strategies, which today amount to more than $2.7 billion (€1.9 billion).
In addition to Sumner stepping down, Henderson also announced two new hires to the property team.
Nicolas Sherf, previously an analyst at Cohen & Steers Capital Management, is to join Henderson's London office as a portfolio manager.
Meanwhile Xin Yan Low, previously an anlayst at Merrill Lynch, will join the Singaporean office as an analyst.
Speaking to Citywire Global in November, Sumner said that the property team were most positive on the US property market due to the country's improving economic outlook.
Commenting on his departure, Sumner said: 'Our new hires will ensure continuity of performance and client service. For myself, this is an opportunity, before it is too late, to fulfil some long-held personal ambitions.'