Hermes Investment Management has appointed Aviva’s head of European retail funds, Philip Nell, as fund director for the company’s real estate unit, Hermes Real Estate.
He will join the £6bn real estate arm on 20 July and report to to Hermes Real Estate chief executive Chris Taylor.
Nell will also work as fund manager of the UK Private Rental Sector fund, which Hermes developed alongside its partner Countrywide, and will be responsible for portfolio construction and fund performance.
At Aviva Nell had responsibility for more than £2.5bn of assets, having joined the firm in 1999. Nell underperformed his peer group over a seven year track record for the Aviva Investors Property Trust, according to FE data.
“Poor stockpicking has had a material downward effect on results, which have tended to be similar in rising and falling markets,” says FE.
Taylor says: “Philip’s wealth of knowledge and 20-plus years of industry experience will play an integral role in further growing our real estate business.”
Hermes, which oversees more than £28.6bn, has recently acquired a share in Eurostar with Caisse de dépôt et placement du Québec and Associated British Ports with Canada Pension Plan Investment Board.