Aberdeen Asset Management is building its global property fund of funds offer through the appointment of Katherine Giordano from ING Select, the fund of funds business of ING Real Estate Investment Management.
Giordano assumes the position of indirect property portfolio manager at Aberdeen and she will be responsible for covering the “US property fund market, undertaking due diligence and selecting funds suitable for global indirect portfolios as well as for dedicated US portfolios,” the firm said in an announcement on the hire. At ING Select, she performed a similar function.
Jon Lekander, global head of indirect property at Aberdeen Asset Management, which had $32.2 billion of assets under management as of June 30, said: “Kate will be key to continuing the development of our global indirect property platform. Her experience, knowledge and exceptional, analytical skills will complement our existing strength in the Asian and European indirect property product area.”
Giordano was quoted in September after ING Select announced it had attracted €500m in new equity in the first half of the year describing investor appetite in the US. She said then: “Investors are overwhelmingly interested in funds targeting core assets, but (ING Select) also managed to secure value-added returns in the industrial and mixed office and retail sectors. I expect we’ll have committed a further $100 million by the end of the year,” she said.
This announcement came against a backdrop of corporate upheaval at ING Real Estate Investment Management and its Select platform. As the parent company is readied for a sale following the ING’s decision to exit, Select has consolidated its offices in Europe and Asia, an exercise which led to the departures of senior executives including head Nick Cooper, chief investment officer, Damien Smith and Asia head Nick Wong, all of which joined Townsend Group.