Justin O’Connor, Savills Investment Management’s chairman and global CEO, is to leave the company, according to a report from PropertyEU's sister publication EuroProperty.
O’Connor had been destined to relocate to Hong Kong to drive growth in the firm’s Asia Pacific operation as well as his existing duties, but has decided to leave the company instead.
An official statement said: ‘Justin O’Connor has decided to step down as chairman and global CEO of Savills Investment Management and will be leaving the company rather than relocate to Asia as previously planned.’
In the statement O’Connor, who has been with Savills IM, and its previous incarnation as Cordea Savills, for 15 years, said: ‘Savills Investment Management is well prepared for its next phase of growth and I have decided to step aside to make room for a new CEO.
‘The business is in very good shape with an impressive investment management platform comprising some 300 employees, 18 offices and 10
regulated entities servicing clients and executing investment strategies on a local basis across Europe and Asia Pacific.’
During his tenure, Savills IM’s business has grown significantly with AUM rising from approximately $1 bn (€860 mln) to more than $20 bn (€17 bn).
Former deputy chairman Nick Cooper will now become chairman and will oversee the business on an interim basis and current CIO Kiran Patel will become acting global CEO.
This article first appeared in EuroProperty, a PropertyEU weekly publication.