Michael Clarke, the former head of property products for London-based Schroder Property has set up an independent advisory firm, it has emerged.
Clarke, who left Schroder in May after an 18-year career at the company, has established Indirect Real Estate Consulting, based in the UK.
The start-up, which was established in July, specialises in various forms of institutional ownership of property assets.
The news comes a month after it emerged that another key part of Schroder’s international team that helped it diversify property investment management overseas, has left the business.
Jenny Buck joined in 2001 and was global head of property multi-management.
In a statement issued in July, Schroders responded to a media inquiry by confirming her departure as well as management changes in the wake of Buck’s decision to leave.
Graeme Rutter and Rob Bingen have become global co-heads of Schroders’ multi-manager property business and have kept their existing responsibilities for UK and Europe.
William Hill, head of property at Schroders, said in the July statement that Buck had left with Schroders’ best wishes, having built “one of the largest and most experienced teams” in the multi-manager sector.
As at March, Schroders’ property multi-manager business managed £1.8 billion (€2.2 billion; $2.8 billion) of assets on a segregated or pooled fund basis.