The managers of a Vontobel real estate fund are buying it out from the Swiss bank, finews.com has learned.
Vontobel is selling its sustainable real estate activities to Klaus Kaempf, who heads real estate research, and Marco Scheurer, who oversees real estate, finews.com has learned. A spokesman for the Swiss bank confirmed the move.
The activities are comprised mainly of a 240 million euro ($273 million) sustainable real estate fund taken over when Vontobel bought Vescore three years ago. The disposal leaves Vontobel with no real estate funds of its own, even though the bank has pledged to focus on sustainable and impact investments.
The bank said it will still concentrate on sustainable investments, but through securities-based portfolios instead of assets like property. It is the latest move on a Vescore asset: last year, Vontobel shut down two sustainable funds because of inadequate fund volume.
