ING Real Estate has appointed Robert Houston chairman and chief executive of its global investment management business. Houston replaces David Blight who resigned in June to return to Australia for family reasons.
The Hague, Netherlands-based company has also released details of other changes. Stephen Pyne, currently UK chief investment officer, will be taking up a new role alongside Houston as global portfolio manager responsible for global cross-border investment. Kevin Aitchison, currently head of the UK's segregated account and joint venture business, succeeds Houston as chief executive of the UK business, though Houston remains chairman.
Houston called his new position “a great opportunity”.
“Having had the privilege of managing and growing the UK business over the past 28 years, I now have the chance to build ING Real Estate's global investment management platform at a time when investors are increasingly seeking global opportunities,” he added.
ING has around €72 billion ($105 billion) of assets under management. As well as recently launching a global fund of funds, it is building an opportunity real estate fund for the first time. It is believed to be targeting up to $1.5 billion (€969 million) of commitments.