Credit Suisse loses property trust team to Aberdeen

15 March 2007

Aberdeen Property Investors has poached Credit Suisse's UK property trust team, in the latest wave of defections from the beleaguered banking giant.

The seven-strong team, which are to be headed up Glenn Newson, are expected to spearhead Aberbeen's first UK property fund, which is aimed at attracting overseas and domestic investment.

The loss of the team comes after Credit Suisse was this week hit by the resignation of income investors Bill Mott and Errol Francis as well multi-manager co-heads Gary Potter and Robert Burdett's recent decision to move to Thames River.

Credit Suisse has announced that Karin Einhaeuser and Juergen Reissfelder will head up the team until further appointments are made.

A spokesman for Credit Suisse said: "We remain committed to building the UK core real estate business to put it on an equal footing with its other real estate operations."

Prior to Aberdeen's move into real estate, the company's chief area of operations was in Scandinavia and in Europe.

It is estimated that Credit Suisse manages real estate assets of over $4 billion in the UK and $28 billion worldwide.

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