Axa Property Trust manager Martin McGuire has resigned from his post ahead of the group’s plans to wind up the portfolio by year-end.
McGuire, who has been senior fund manager of the vehicle for the past eight years, leaves the organistion on 28 November.
Responsibility will pass to Investment Managers senior fund manager Ian Chappell.
Axa says it does not expect there to be “any material change in the conduct of the orderly wind down of the portfolio”.
At an EGM held on 26 April 2013, shareholders approved the recommendation to commence a managed wind down of the trust’s investments.
According to the firm this strategy is being implemented in a manner that seeks to achieve a balance between ”maximising the value from the company’s investments, paying down debt and making timely returns of capital to shareholders”.
In a statement Axa said: ”We can confirm that Martin McGuire will leave Axa IM – Real Assets on 28 November to pursue other business interests.
“We sincerely thank him for his considerable contribution to our fund management business and wish him every success in his future. Martin’s responsibilities will be taken over by the existing UK-based fund management team lead by Ian Chappell, head of Core & Value Added funds.”
Originally launched in 2005, the trust has achieved a total return of 16 per cent versus an IT Property – Direct Europe sector average of -30 per cent over the past five years to 20 October, according to FE Analytics. It is currently trading at a discount of 11.5 per cent.
Last week Axa Investment Management announced that it is closing two of its bond funds due to lack of demand and shortage of assets.
On 20 November, the firm will shut the £35.4m Sterling Long Gilt fund, managed by Nicolas Trindade, as well as John Madziyire’s £41.7m Sterling Long Corporate Bond fund.