Aberdeen have appointed a new manager for their £2.5bn UK Property fund.
The company have confirmed that Tim Sankey, previously deputy manager of the fund, will replace Gerry Ferguson, as lead manager.
In a note sent to clients of the fund, Aberdeen said they have been aware for some time that Mr Ferguson intended to retire.
Mr Sankey commented: “Gerry will be a hard act to follow, but I’m confident given the resources and team at the Fund’s disposal it will continue to prosper.”
The fund has performed strongly over the past five years to 8 March. It has returned 38 per cent in that time compared with 30 per cent for the average fund in the sector in the same time period.
Mr Sankey has been employed by Aberdeen since 2003, and had been deputy manager of the property fund since 2014.
Mr Ferguson will remain at the firm until the summer to ensure a smooth transition, and will then retire from the firm, and the industry.
David.Thorpe@ft.com
