Colonial builds property alliance
Colonial First State has signed an exclusive deal to take research from global property specialists Colliers International, in a move that will also result in Colliers being given dual-branding rights over Colonial’s flagship property fund.
Colonial’s Global Property Securities Fund will be renamed the Colonial First State Colliers International Property Securities Fund from today.
Colonial First State’s property securities head Stephen Hayes will continue to run the fund on behalf of both Australian and international investors.
CFS chief executive John Pearce said the “alliance of Colliers’ brand and research capabilities with Colonial’s investment management expertise would form a global property powerhouse in the listed securities market”.
“We believe it will deliver the most comprehensive global property securities offering available to Australian investors,” he said.
Colliers International chief operating officer John Kenny said investors would benefit from the “expertise of two Australian-born companies investing in the world’s best listed property trusts and property-related companies”.
Kenny said the Colliers brand would open up global markets for the Colonial fund, while its research capabilities would assist the fund manager’s investment decisions.
“Stephen Hayes and his team will need good-quality reliable information on a day to day basis, and obviously we can provide that to him.”
Kenny said there “aren’t a lot of property security funds globally, as opposed to direct property funds, so we think our participation in the new fund is a logical balance to our operations”.
The fund’s re-branding will take place in early 2005, although its marketing will take place from today under the new name.
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