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12 September 2008 - Mark Cobley

Schroder Property recruits second former Aberdeen manager

London-based fund manager Schroders has hired a second former executive at rival Aberdeen Asset Management's European real estate business based in Sweden. Ubbe Strihagen, previously head of international marketing at Aberdeen Property Investors, becomes head of Nordic sales for Schroders.

Strihagen's move to Schroders, effective on October 1, follows the hire of API's former head of fund management in Finland, Christoffer Sundberg, in July. At Schroders, Sundberg has been made head of the Nordic real estate investment business.

According to a spokesman for Aberdeen, Strihagen's role dated back to the company's acquisition of Celexa Group, a Stockholm-based property business, in 2001.

Celexa has formed the core of API and following several acquisitions, it now has over €30bn in property assets under management, making it a top 10 real estate manager globally.

Following a decision earlier this year to integrate Aberdeen's property funds sales activity with the rest of its equities and fixed income businesses, Strihagen's role had become effectively redundant, the spokesman explained.

The departure of Sundberg, also to Schroders, was unrelated, he said. Sundberg's Finnish property fund is now being handled by Pertti Vanhanen.

Meanwhile, at Schroders, the building-out of Nordic real estate expertise follows that company's acquisition of Aareal Asset Management, a German real estate manager, last year. Schroder Property now has about €10.5bn under management.

Michael Clarke, head of property distribution at the London firm, said strengthening the presence in Scandinavia had been a key objective. Schroder Property had a pre-existing office in Stockholm, but Sundberg joined with a remit to expand its Nordic fund and develop new products.

Clarke said: "Some of the Nordic institutional investors have been at the forefront of international diversification in real estate through unlisted funds. However, there are many who are at an early stage in their international allocations."

-- Write to Mark Cobley at mcobley@efinancialnews.com

Tags: Aareal Asset Management , Aberdeen Asset Management , Asset Management , Nordic region , Real estate , Schroder Property , Sweden , Ubbe Strihagen

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