US-based Russell Investments, which manages over US$211 billion in assets, wants to boost its exposure to Asian real estate as it sees growing markets in China and India withstanding a global downturn.
The company, which raises money from institutions such as pension funds and invests them with other fund managers, said it expects to more than double its investments in Asia properties over the next three years, from about US$300 million currently.'Our clients tell us they want to be in Asia property, and we go where our clients want to go,' said Martin Lamb, newly appointed Asia Pacific head of property for Russell, the funds and indices unit of Northwestern Mutual Life Insurance.
'Regardless of the downturn in the US and Europe, there is a strong domestic need particularly in India and China that continues to fuel demand for housing and retail,' said Mr Lamb, who is Russell's first property chief to be based within the region.
An increasing number of financial and property firms have set up funds to invest in Asia property in the past year, including the property investment units of Jones Lang LaSalle and Prudential, and Singapore developers such as CapitaLand and Keppel Land. -- Reuters
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