PROMOTION
Investec surprises with sudden shift of its property fund chief
Nick Riley has announced a surprise exit from his leadership role at Investec Property Fund (IPF), having been at the helm for more than three years. Riley has been promoted to a broader leadership role within Investec Bank, leaving the team he led in trebling the size of the fund in a relatively short time, the Investec group says. Riley became CEO of IPF in April 2015 and was instrumental in a number of acquisitions for the group, including buying a R7.1bn portfolio from Zenprop and a R826m industrial portfolio from Griffin. Andrew Wooler, the fund’s chief financial officer, and Darryl Mayers, head of the Investec Property South African trading and development portfolio, will take over as joint CEOs of IPF. IPF listed in 2011 with assets worth R1.7bn and the fund now owns assets worth R20.2bn. "On behalf of the board, I would like to congratulate Nick on his promotion and thank Nick for the role he has played in leading the fund over the past three years. The portfolio of direct a...
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