Listed funds management group MFS has strengthened its property division following the en masse exit of staffers from rival group Investa Property Group.
MFS chief executive of property and finance Bill Grounds would not directly comment on the defection, though it is understood five Investa property staff resigned last week.
Grounds is a former Investa employee, having held the position as group executive for external funds. He moved across to MFS in May this year.
It has been suggested that the departures are a result of Morgan Stanley’s $4.7 billion take over of the property group.
It is not known how the five new hires will be integrated into MFS though they may be included in the group’s planned push into the Asian market.
Earlier this month MFS announced the purchase of a 30 per cent share in a Hong Kong based mortgage provider.
MFS will pay US$20 million ($22.7 million) for 30 per cent of FindisNet, a company which specialises in distributing mortgages and insurance products across China.
“We are actively looking at other opportunities in the Asia region with a view to building out our business with appropriately experienced business partners with local knowledge and relationships,” MFS head of investment banking Luke Gannon said.
FindisNet was founded in 2006 by Australian Geoff Ross and writes about US$40 million worth of mortgages in China each month.
Investa was unavailable for comment.
