UK - Hermes, the asset manager owned by the BT Pension Scheme, has named Arlington Property Investors' Tim Turnbull as head of commercial real estate.
"He will take on direct overall responsibility for some £3.7bn (€5.5bn) of existing assets under management and will report to Rupert Clarke, Head of Real Estate at Hermes," Hermes said in a statement.
Turnbull told IPE he was replacing Quentin Burgess, who has gone to AXA. “It’s an interesting challenge.”
Turnbull is currently serving out his notice at Arlington where he was the fund director for Akaria, Skandia Life and Barclays Life UK real estate portfolios. He joins Hermes in November.
Real estate's position as an alternative asset class continues to grow and with it the need to demonstrate a pro-active and creative approach in order to generate out-performance in an increasingly competitive environment," Clarke said.
"Tim has had an excellent broad based real estate investment management background and his appointment in this key role positions us well to move our business forward."
Turnbull added: "The opportunity to take charge of the commercial business at Hermes is extremely exciting offering the combination of major existing mandates and the track record and flexibility to pursue large and complex investment opportunities in future."