| Wed 1 Apr 2009, 15:11 | | SAC - SA Corporate - Press Release - Centralised fund management team to drive |
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SAC
SAC
SAC - SA Corporate - Press Release - Centralised fund management team to drive
growth
SA Corporate Real Estate Fund
(Incorporated in the Republic of South Africa)
Share Code: SAC & ISIN Code: ZAE000083614
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by SA Corporate Real
Estate Fund Managers Limited ("SA Corporate Fund Managers")
(Registration number 1994/009895/06)
("SA Corporate" or "the Fund")
Media Statement by Ben Kodisang, MD of Old Mutual Investment Group Property
Investments
01 April 2009
CENTRALISED FUND MANAGEMENT TEAM TO DRIVE GROWTH
In line with its commitment to superior investment performance, Old Mutual
Investment Group Property Investments has embarked on a realignment of its
structure to its growth strategy.
A key component of the growth strategy, to achieve assets under management of
R100 billion by 2015, is the creation of a centralized fund management team in
Cape Town which is the domicile of much of the investor community and of major
retail organizations who are important role-players in property.
The centralisation of Fund Management is fundamental to enhancing focus on
performance for fund investors as each team will be focused on driving
investment performance only for the funds they manage.
The board of SA Corporate Real Estate Fund, where fund investment performance
has been below expectations, indicated its support for this strategy insofar as
it affected the fund.
As a consequence of the restructure the executive directors and other senior
management of the Fund who are based in Durban have declined to relocate to Cape
Town. In the interest of a smooth transition, Old Mutual Property Investments
and the departing management team have reached agreement on a handover period of
between 3 and 6 months and the current executive directors will continue as
directors until further notice.
Colin Young has been appointed as the new Fund Management Executive for Old
Mutual Property Investments and he will be responsible for managing the SA
Corporate transition team until new management is in place. A support team which
draws on the depth of skills within Old Mutual Property Investments reporting to
Colin Young, is in place, as is a recruitment process to take over key roles
within the transition team in the short term.
Unitholders of SA Corporate will be informed regarding the appointment of
incoming management in due course.
On behalf of the Executive team of Old Mutual Property Investments I would like
to thank the outgoing executive directors and managers for their contribution
over the years and for their willingness to support the transition.
-ends-
For further enquiries, please contact:
Ben Kodisang or Colin Young on 021 - 530 4500
Dineo Noganta on 021 - 530 5956 or 082 449 7344
Date: 01/04/2009 15:11:42 Produced by the JSE SENS Department.
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