Standard Life Investments has taken over the management of the $275m (£137m) Standard Life Canadian Pooled Real Estate Fund
This move marks an expansion of the investment manager into the Canadian marketplace. A team of four, headed by Peter Cuthbert, vice president of Standard Life Canada, has transferred to Standard Life Investments and will operate out of offices in Toronto.
Standard Life Investments said this transfer would not only ensure continuity in the management of the fund, but would also provide it with the capacity to take on new mandates and develop new products for one of the largest global pensions markets.
Cuthbert and his team will report to David Paine, Standard Life Investments’ property investment director, who is based in Edinburgh. Paine has overall responsibility for expanding Standard Life Investments’ property investment capability in North America.
Alex Watt, head of Standard Life Investments’ property division, said: “This presents an opportunity for us to build on an established track record of over 10 years in the local marketplace. It will also allow the Canadian fund to benefit from our infrastructure and 80-strong team which supports over £12bn of direct property assets in the UK and Europe."