Two senior real estate executives inherited by Dallas-based Invesco Real Estate when it acquired the Asia real estate investment management platform of American International Group, have left the firm.
It is understood that Malcolm Lai, head of construction, and Nami Sera, head of Japanese funds, have both left the firm. They were long-time executives at the platform having worked for it more than 15 years.
Lai is understood to have since taken a real estate role at an occupier while Sera is not thought to have taken employment elsewhere yet. Both of their roles have since been retired by Invesco with their responsibilities assumed by the firm’s 80-plus staff in the region.
Invesco acquired the Asia business of AIG Global Real Estate in February 2011, inheriting a team of 72 staff in the process. The takeover saw Invesco grow its assets under management to almost $6 billion comprising assets in pan-Asia opportunity funds and Japanese value-added funds and separate accounts.
Only one of the pan-Asia opportunity funds had dry powder at the point of purchase. The Japanese vehicles represented more of an asset management responsibility for Invesco.
The firm has since brought to the market two pan-Asia real estate funds. It has launched another opportunity fund, Invesco Asia Real Estate Partners III, for which it is targeting $800 million, and an open-ended, core fund, Invesco Real Estate Asia fund. For that fund, Invesco hopes to haul $1 billion over the next five years.
The core fund has already raised $100 million from the Los Angeles County Employees Retirement Association (LACERA) and a further closing is anticipated by the start of the third quarter this year.
It is understood that, in light of these funds being introduced, the firm is keen to expand its bench of portfolio managers and has been actively hiring to that end.
Invesco declined to comment.