Grosvenor’s chief executive of continental Europe is to leave the property company next summer following a restructuring of the business.

Neil Jones, who oversaw Grosvenor’s direct investment activities in Europe and locally based teams in Paris, Luxembourg, Madrid and Milan, will step down as part of changes which were announced to staff last week by group chief executive Mark Preston.

Grosvenor’s 50-strong continental European team will now form part of its fund management business, which forms the bulk of its operations in the region.

James Raynor, who is current director of investor relations for Grosvenor Fund Management, has been appointed as managing director of Grosvenor fund management continental Europe and will take over on 2 February.

Jones, who will step down next summer, joined the Duke of Westminster’s property company in 1997 and was appointed to establish Grosvenor’s business strategy in Europe.

Preston said, ‘Our new structure in Continental Europe will build on our achievements over the last eleven years, enabling clear focus in the future on our thriving fund management business and our very profitable proprietary investment in Sonae Sierra.

‘The structure is fully aligned with our absolute commitment to Continental Europe and my aspirations for our business, all of which have the backing of the Board and my fellow directors.

‘Neil has been pivotal to establishing and growing our Continental operations over the last 11 years and we are all delighted that, after the introduction of the new management structure, Neil will remain with us as a consultant to advise on Sonae Sierra and on our other proprietary investments in Continental Europe.’