The Guernsey-domiciled trust will change its name to Picton Property Income, subject to shareholder approval, following the company’s AGM in May, and will create a wholly-owned investment management subsidiary named Picton Capital.
The trust’s current fund manager Michael Morris will lead the internalisation and will become CEO of the subsidiary “in due course”. The portfolio will continue to be managed by ING Real Estate Investment Management until the start of 2012.
“Our decision to internalise the investment management function is expected to deliver a number of potential benefits to the company including an aligned management team structure, significant cost savings and the potential to attract a wider group of investors,” said company chairman Nick Thompson.
