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Alecta real estate manager joins Schroders

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SWEDEN - The manager of Swedish pension fund Alecta’s European real estate portfolio is leaving to join Schroder Property Investment Management.

Neil Turner, who looked after €1.2bn of real estate assets for the scheme, both directly held property and investments in funds, will join the UK firm as head of research and international investment.

He will have responsibility for developing the property business outside the UK, become fund director for the soon to be launched Global Property Securities fund, and will head up the continental European arm of Schroders' real estate multi-manager business.

Turner will remain at Alecta until August 31. The fund’s approach to real estate investment is different from many of its peers: most direct property management work is outsourced and Turner is largely responsible for choosing and managing indirect investments.

He has also been a leading light in INREV, the association of investors in non-listed real estate vehicles, and an active campaigner for better transparency and fee information for real estate investors.

“I’ve very much enjoyed my time at Alecta and still believe strongly in its business model for real estate. However, I’m looking forward to leading Schroders’ expansion into new markets,” he said.

Alecta has more than €3.75bn invested in real estate of which 30% is in Europe.

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