Nick Riley will leave Investec Property Fund (IPF) on a high at the end of November, despite the group’s dividend forecast for its 2019 financial year having been adjusted downwards. Riley spoke at an investor presentation on Friday where he announced that IPF expects its dividends to grow 5%-5.5% for the six months to September and at a similar pace for the full year to March 2019. This is weaker than previously stated guidance of growth of 6.5%-7.5%. This projected growth forecast is also much weaker than the 8.5% growth that IPF achieved during the 2018 financial year to March. But a number of market analysts said Riley, who became CEO in April 2015, and his team have managed IPF well and made it into an attractive medium-sized property fund. They said the downward shift in predicted dividend growth does not especially diminish IPF’s strong performance under Riley.

At the end of July, Riley was promoted to a broader leadership role within Investec Bank, leaving the team he ...

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