Terence Tang, one of the senior executives inherited by Dallas-based Invesco Real Estate when it acquired the Asia real estate investment management business of American International Group (AIG) in 2011, has left the firm to join global property services firm Colliers International.
Head of Southeast Asia Tang’s departure follows closely the departures of two other ex-AIG Real Estate senior executives, Malcome Lai, who was head of construction, and Nami Sara, head of Japanese funds, both of whom left earlier this year. While their roles were retired, it is understood that Invesco is yet to determine how Tang’s responsibilities will be covered. It is possible they will pass to a number of less senior executives to be appointed.
Invesco is currently marketing two pan-Asia real estate funds, one open-ended, core vehicle and one opportunistic vehicle. Singapore, which accounted for much of Tang’s focus, and is where he has relocated from Shanghai, is not understood to be a strategic focus for investments for either vehicle in the short term. As such, it is thought that Tang and Invesco mutually agreed to part ways.
He joined Colliers as a managing director in what the advisory firm described as “a strategic move to set a new scene”. Leading a team of investment professionals Tang is expected to spearhead “a seamless and integrated structure that can serve the best interests of our clients,” said Denis Yeo, another managing director at Colliers, also based in Singapore. He was referring to Colliers’ Asia Capital Markets and Investment Services division within which Colliers would conduct advisory services for cross-border transactions. Tang will work closely with deputy managing director Antonio Wu, and Harvey Coe, senior director, both of whom are based in Hong Kong in this new guise.
“We now have the best team with the expertise and excellent service quality that can facilitate both inbound and outbound capital investments in Asia,” Yeo added.
Commenting on his move to Colliers, Tang said: “From my investment management experience, it became obvious to me that the traditional investment services and advisory business have to change.”
“There has been a significant growth of institutional capital in Asia. We are also seeing more private Asian wealth capital looking regionally for investment opportunities with better risk and return profile. It is important for the investment advisory business to be regionalized and institutionalized, because it is all about serving the interests of the clients and providing them with well thought-out solutions. Having an integrated regional structure will serve our clients well.”