Abrdn has appointed Anne Breen has its new head of real estate.
She was formerly deputy head of real assets at the investment group, but has been promoted as part of plans to simplify structures, with real assets being split into real estate and infrastructure.
The firm's infrastructure businesses heads are Dominic Hemsley and Gershon Cohen.
Within the property asset class, abrdn is developing new offerings for institutional and wholesale clients.
Breen will report to Peter Branner, chief investment officer, who stated: “We need to deliver superior investment performance for our clients, simplify our structures and enhance our capabilities.
“The change today will help us to grow – from both a business context and as individuals and teams.
“It will also improve how we work together, share ideas and learn from each other – delivering better investment outcomes for our clients.“
He continued: “Growing our alternatives offering remains a strategic priority, and our teams will work more closely together to drive forward our growth agenda.
“After three years as global head of real assets, Neil Slater will be leaving abrdn to pursue another opportunity - I would like to wish Neil all the best in the next phase of his career.”
Slater is moving to become chief executive at European property investment firm Redevco.
Breen began her property career at Standard Life Investments in 1999.
She was appointed head of real estate research and strategy in 2007 and over her tenure has seen abrdn's property assets under management quadruple to more than £40bn.
Breen also holds a board position in the Association of Real Estate Funds board, as well as sitting on abrdn’s Global Inclusion Committee and being a member of abrdn Alternative Funds board and abrdn Investments Ireland.
During her time at abrdn, Breen has helped to embed a research-driven approach, as well as launching of a number of products, including global real estate strategies and UK long income franchise.
Separately, abrdn's investment co-chief executive Chris Demetriou, has resigned following a review of the business.
He said it was time ”to seek a new challenge” after nearly a decade at the Edinburgh-based asset manager.
Demetriou became co-chief in 2021, covering the UK, EMEA and the Americas.
An spokesperson said that over the past two years, the firm had “been making important changes to reshape our investments business for the future”, adding: “With the business now re-positioned, and with a clear strategy in place, Chris Demetriou has decided the time is right to step aside as co-CEO of the business.
The other co-CEO René Buehlmann, who acted as head of Asia Pacific for the investment division, will become sole chief executive.
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