LaSalle Investment Management has promoted its Asia head of research David Edwards to president of the firm’s open-ended core vehicle, the Asia Property Fund.
Edwards has been a key spokesperson for the company in Asia after four years as LaSalle’s Asia Pacific head of research and strategy.
Last week he told a media briefing the firm was proceeding with caution in Asia. The firm raised $3.2 billion for its LaSalle Asia Opportunity Fund III last summer, and has invested just 20 percent to date.
Edwards said at the time: “This is a time to proceed with caution. Although growth in Asia-Pacific is likely to exceed other major regions, the slower prospects for the US and Europe will continue to degrade prospects for 2009 to 2010.”
As fund president, Edwards will lead investments in the core, open-ended Asia Property Fund, jointly sponsored by LaSalle property investment firm Prudential. Other members of the team include Christine Mount, Janica Tan, Arabella Edwards and Yujung Kim.
LaSalle said in a statement Kenneth Tsang, who joined the firm from ING Real Estate at the start of February, would take over Edwards former role as research head. He will be based in Hong Kong and report to LaSalle’s international director of strategy and research Jacques Gordon and Ian Mackie, chief investment officer for Asia.