Columbia Threadneedle will promote Joseph Vullo to head of UK real estate and James Rigg to chief investment officer for UK real estate, following the planned retirements of head of UK real estate John Willcock and fund manager Chris Morrogh over the next six months.
Vullo - who is head of asset management in the real estate team, and senior fund director Rigg - who manages the Zurich Assurance Ltd ZAL Property fund, will both report to CEO EMEA Nick Ring.
Columbia Threadneedle was among the first asset managers to lift the temporary dealing suspension on its property funds earlier in September, following nearly six months of gating owing to material uncertainty in the valuation of its underlying assets.
The management of Morrogh's Threadneedle Property unit trust will be taken over by fund manager James Coke from 1 January 2021 to allow for a "smooth transition".
Alongside this, there will be a number of people moves at the firm following a review of its approach to retail and institutional real estate franchises, in order to "further embed a strong focus and specialisation on the needs of the client" across the two channels.
Coke will also become co-head of institutional, UK real estate alongside deputy fund manager Robin Jones. Meanwhile, Jones will assume lead management responsibilities of the Threadneedle Pensions Property fund, while managers Nathan Hargreaves and Sandy Wilson have resigned to "pursue different career and lifestyle plans".
Gary Frewin, manager of Threadneedle's PAIF vehicle, will become head of retail, UK real estate.
CEO EMEA Ring said the changes reflect "long-term succession planning" and "the depth of leadership talent within our UK real estate business".
He added "We firmly believe in the importance of real estate as part of a diversified investment portfolio, due to its ability to provide diversification benefits and a strong income component. I look forward to working with Joe, James and the whole team as they continue to deliver for our clients.
"Our UK real estate team has a well-established investment philosophy and approach that has produced a strong and consistent track record over the long-term and this won't change."