Henderson creates new distribution role

The London-based asset management firm, Henderson Global Investors, has recruited internally to create a position of director of institutional business, hiring Andrew Friend as the first incumbent.

Henderson Global Investors has created a new role of head of UK distribution in order to further boost the sales of its property funds business.

The London-based company, which manages £12.4 billion ($19.2 billion; €14.2 billion) of real estate in Europe, the US and Asia, has made Andrew Friend head of its London-based distribution team, giving him the title of director of institutional business, reporting to Tim Horrocks, head of distribution for Henderson’s entire property business.

Henderson property’s distribution team already has a focus on the UK, German, Nordics and Benelux regions, Henderson told PERE, but Friend would be tasked with “driving future growth into both existing and less-explored capital markets.”

As well as expanding sales into new countries, Friend will lead the team in building up its existing sovereign wealth network while also exploring the potential within the private wealth markets, it added.

During his 11 years at Henderson, he has mainly been the fund manager of the Henderson UK Retail Warehouse Fund and more recently worked on launching German retail funds from Henderson’s Frankfurt office. “We have got the commitment and momentum to grow the business with a broad spectrum of clients,” he said in a statement.

So far this year, Henderson Property, alongside its German business, Warburg – Henderson KAG, has announced first closings for the Henderson German Retail Income Fund, Warburg – Henderson Österreich Fonds Nr. 2, and Warburg Henderson Koop Fund.

With debt, those three funds give Henderson around €600 million of firepower to be deployed throughout Europe. The company is also working towards a second close on its Central London Office Fund II before the end of the year, which is on target to reach €1 billion.

Just yesterday, it announced an initial fundraise of $105 million for its latest US multifamily housing fund, CASA V. That fund is projected to be the largest fund in Henderson’s CASA Fund series to date, aiming to amass a portfolio size of up to £700 million. It is targeting a final close for summer 2012.
Horrocks said yesterday of the fundraising climate: “Raising equity for real estate funds remains challenging. We are aware of many funds that have failed to achieve a close, and others that have not grown since modest first closes..(but) these represent exciting times for Henderson and we are confident that we can continue to offer the right products.”

The property team at Henderson totals more than 180 staff and the division has offices in London, Frankfurt, Milan, Paris, Amsterdam, Vienna, Luxembourg, Madrid and Singapore and Chicago.