Shortly after bringing Kiran Patel on board as its chief investment officer, Cordea Savills has appointed Reynold Chan as business development director, Asia.
According to the London-based global real estate investment manager, Chan will be based in Hong Kong and will report to Justin O’Connor, chief executive officer of Cordea Savills. In his new position, Reynold will lead new business initiatives with institutions, family offices and high net worth individuals in Asia. The latter group of which is growing in importance for the firm, given the growing wealth in the region—particularly in Greater China—and the appetite for investing in international real estate.
Reynold joins Cordea Savills from the Hong Kong office of Calista Consultants, where he was a principal providing real estate and financing solutions to operating businesses involved in real estate and mergers and acquisitions transactions in Asia. He began his career in 1986 at Prudential Portfolio Managers in London before moving to Asia and working for Richard Ellis, Sealand Housing Corporation, LF Property Consultants and MetLife Investments Asia.
O’Connor said in a statement: “Reynold has a deep understanding of real estate and a very clear insight into the Asian market. His local knowledge will be of considerable value to us as we grow the Cordea Savills business in Asia.”
Chan added: “With the increasing private and institutional wealth in the region there is a growing need to provide solutions, including pooled funds, separate accounts and single asset mandates that meet the specific requirements of investors.”
Separately, the appointment of Chan follows the firm’s recent appointment of Patel as Cordea Savills’ chief investment officer. Patel joined the firm after leaving AXA Real Estate Investment Managers, the real estate investment management business of French insurer AXA, in November last year.
Cordea Savills was fully acquired by Savills in March 2010 after the property services firm bought out the management’s 40 percent stake for £15.4 million (then €17.0 million; $23.2 million). Then, Savills group chief executive Jeremy Helsby said it had a long-term commitment to the fund management business and described the business as “strategically important”.
As of 30 June, the firm managed nearly €4 billion of gross assets.