Columbia Threadneedle head of property Don Jordison is to retire from the fund group in May.
Jordison, who has been with the asset manager for 24 years, will be replaced by property finance and commercial director John Willcock.
Willcock will report to Columbia Threadneedle’s EMEA chief executive Michelle Scrimgeour. He will be supported by property director and fund managers Chris Morrogh and James Riggand, and Joseph Vullo, Threadneedle’s head of property asset management.
The Threadneedle UK Property Authorised Investment fund, will continue to be managed by existing co-manager Gerry Frewin. Following Jordison’s exit, the fund won’t change its approach or team, the firm says.
Scrimgeour says: “Don is retiring after 24 years with the firm, the last 10 as managing director of Threadneedle Property. He retires with an outstanding track record and leaves Columbia Threadneedle having built one of the UK’s leading property teams.”
She says: “While Don will be missed, his retirement has been in the planning for some time and our property business has a strong established senior management team in place.”
“We thank Don for his commitment to serving our clients over more than 20 years and for the substantial contributions he has made to the company during this time. We wish Don and his family the very best for his retirement.”
Jordison recently spoke to Money Marketing to review the status of the commercial property fund sector following the post-Brexit redemption wave which led to nearly £2bn in outflows from property assets.
Among nine popular commercial property funds, redemptions also affected the Threadneedle’s property fund which suspended trading for three months after the Brexit vote in July.
These events have sparked both the FCA and the Bank of England to confront the problem and consult the industry on the remedies to take.
In July, Jordison said: “The FCA has identified the fund suspension was a rational action, though regrettable. I wouldn’t have done anything different. We had 22 per cent liquidity before anything happened and had £100m prepared to sell quickly.”