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Hounslow hires UK property manager

29 October 2013

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The London Borough of Hounslow Pension Fund has appointed Threadneedle Investments to manage its UK property mandate.

The fund, which according to its latest accounts is valued at nearly £600m and has 17,457 members, allocated £20m to Threadneedle's TPEN Property Fund.

Lorelei Watson, London Borough of Hounslow head of treasury, pensions and capital, said: "We liked Threadneedle's active approach to property management and the emphasis it puts on stock picking, risk management and income yield.

"Instead of chasing trophy assets, its investment experts look across sectors and regions to find properties with strong fundamentals and attractive yields."

Moira Gorman, Threadneedle local authority client director, said: "We are delighted that Hounslow has entrusted us with the management of its property portfolio following a strategic decision to manage these assets externally."

First published 29.10.2013

monique_simpson@wilmington.co.uk