Scott Girard, the former long-serving Asia chief executive of the real estate fund manager M&G Real Estate, has returned as fund manager for M&G’s core Asia property strategy.
M&G announced that Girard was leaving the firm back in January but that he had remained on as a senior adviser. In that announcement, M&G said he was leaving the firm for family reasons and would relocate to Australia.
Girard’s return sees him move into the new role of interim fund manager immediately, after Erle Spratt, who previously was the fund manager of the core Asia strategy, left on August 17 to pursue other opportunities.
Girard will also be working closely with his replacement, Chiang Ling Ng, chief executive and chief investment officer of M&G Real Estate’s Asia business, and the Asia management team to work towards an orderly succession plan.
M&G Real Estate operates one of the largest open-ended core real estate funds in the region. The fund had $2.5 billion in assets under management as of June 30. M&G has $1.8 billion of equity invested currently for the vehicle and has $449 million in dry powder left to deploy.
M&G is also still raising capital for the strategy and has prospects at various stages of due diligence including one commitment of $30 million subject to documentation, PERE understands.
The firm has invested capital in the fund in assets across Australia, Hong Kong, South Korea, Japan and Singapore so far.