Russell builds property capability in expectation of continued global demand
New Head of Property, Asia Pacific, appointed to Russell's Australian business
SYDNEY, 28 November, 2005 - Global investment and superannuation specialist, Russell Investment Group, has appointed global property specialist Sally Haskins to the new role of Head of Property, Asia Pacific, as part of an ongoing push to enhance the group's property capabilities in the region.
The move is in response to growing investor demand for innovative property investment opportunities, spanning the spectrum of direct, listed and opportunistic property strategies. According to Russell, worldwide investor interest in property continues to gain momentum and will be a key focus for 2006, particularly across Asia 's rapidly developing property markets.
Ms Haskins joins from Russell's US property team based in Tacoma , Washington State, where she was a senior research analyst. Based in Sydney, Sally will work within Russell's Investment Management & Research group (led by Chief Investment Officer Peter Gunning) and report to Karl Smith, the Tacoma-based Director of Real Estate for Russell. Sally's initial responsibilities will include conducting research into private property markets for the region as well as investigating the potential for Russell to develop a global unlisted opportunistic real estate product in 2006. Ms Haskins will also take on portfolio manager responsibilities for Russell's local property strategies such as the Russell Australian Property Securities Fund .
Mr Stephen Roberts, Managing Director of Institutional Investment Services for Russell in Australia , said large Australian investors were following their pension fund counterparts around the world in seeking new global property opportunities, including 'alternative' property strategies such as global real estate private equity funds. This has been in part driven by the increasing concentration of the Australian LPT sector, and the weight of local money pushing Australian funds to seek higher growth opportunities offshore.
"The property sector has globalised rapidly over the past 2-3 years and investors now have access to an increasingly broad range of global property investment opportunities. Some of the most exciting property markets are on our doorstep, with REIT and private real estate investment sectors evolving quickly in Hong Kong , Singapore and Japan.
"We are delighted to welcome Sally to our Australian team and continue to draw on Russell's global investment resources to ensure our Australian clients remain at the cutting edge of global investment opportunities as they emerge," he said.
Ms Haskins brings 14 years of real estate experience to the new regional role. In her previous role in the US Sally evaluated real estate capital and property market trends globally, as well as reviewed investment products and managers for Russell's real estate group. She has been responsible for directing Russell's analysis and ranking of open-end funds and has been instrumental in developing review and performance evaluation standards for private equity real estate funds. Before joining Russell in 1999, Sally was a portfolio manager with US group Institutional Property Consultants, Inc., where she managed several client relationships and conducted due diligence on investment managers. She has also worked as an acquisition officer with The State Teachers Retirement System of Ohio (STRS) where she underwrote and managed real estate investments.
Issued by Russell Investment Management Ltd ABN 53 068 338 974, AFS Licence 247185. This document provides general information only. It has not been prepared having regard to any persons objectives, financial situation or needs. Before making an investment decision, any potential investor needs to consider whether this information is appropriate to their objectives, financial situation and needs.
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