Property investor Gerry Ferguson, lead manager on the £2.5 billion Aberdeen UK Property fund, is to retire after 43 years in the industry.
Deputy manager Tim Sankey will take a lead role on the fund from Ferguson (pictured), who will remain with the business until the summer to help with the transition.
Aberdeen Standard Investments (ASI) said it had been aware of Ferguson’s intentions to retire ‘for some time’, with preparations for his retirement starting in early 2017 with the appointment of Sankey.
Sankey joined Aberdeen Asset Management in 2003 and had been working as manager on the fund since 2014.
Ferguson said: ‘I have had an amazing 43 years in the property industry.
‘I have weathered many market cycles on behalf of investors and witnessed the evolution of property as an asset class.
‘My decision to retire and step down from the role managing the Aberdeen UK Property Fund was difficult to make but made easier given the experience and knowledge of Tim and the strength of the broader team. The fund is in good hands.’
Head of UK real estate at ASI Mike Hannigan said: ‘Gerry has made a significant contribution to the business, and in particular the Aberdeen UK Property fund, over his many years of service at SWIP, Aberdeen Asset Management and latterly Aberdeen Standard Investments.
‘He has decided to retire from the industry but is staying until the summer in order to ensure a smooth transition of responsibilities for our clients.
‘I would like to thank Gerry personally for his contribution to the business over the past 18 years.’