Fund seeks property boss

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The Independent Online

The world's richest sovereign wealth fund is scouring London for a big name property figure to help lead a flurry of commercial property investments.

The Abu Dhabi Investment Authority (Adia), which has $875bn (£540bn) of assets under management, is understood to have drawn up a longlist of candidates for a global head of real estate tax. Those identified include senior property players at investment banks, accountants and rival funds.

An industry source said: "This is Adia saying it hasn't got the resources it will need to handle the matters related to the number of deals that are coming forward."

London is Adia's hunting ground because of the number of property dealmakers who have been involved in major commercial transactions. The source added: "The UK is the best market for experienced real estate guys."

The role, which is expected to carry an annual salary of mid-to-high six figures, would be based in Abu Dhabi.

Bill Schwab, a former JP Morgan banker, was appointed Adia's global head of property at the start of the year.