AAIM’s chief executive James Elton resigned today.
His departure follows the collapse into administration of AAIM subsidiary JCCO 114 last week.
Up to five other employees of JCCO 114 have been made redundant, with more expected to leave as the administration process continues.
Elton had previously been AAIM’s UK chief executive, before taking on the role of chief executive of the full AAIM Group from Rob Whitton in April this year. He will still be assisting with the administration process.
JCCO 114 - formerly known as AAIM Limited – was mandated to manage the £2.1bn Symmetry fund.
Property Week understands the mandate is expected to be handed over by the financier HBOS to Catalyst Capital.
Elton’s resignation does not signal the end of the wider AAIM Group.