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Invesco pro moves to ADIA

Paul Kennedy, the head of European research for Invesco, will leave the firm at the end of the summer to join the Abu Dhabi sovereign wealth fund.

Paul Kennedy, head of European research for Invesco Real Estate, will leave the firm at the end of the summer to join the Abu Dhabi Investment Authority (ADIA), the world’s largest sovereign wealth fund, according to a report in Property Week magazine.

Invesco, which confirmed that Kennedy is leaving, manages €21.4 billion of property assets, €7.7 billion of which is in Europe. Kennedy’s role at Invesco was in market forecast and investment strategy for Europe. He was previously with Parkes & Co., which was bought by Invesco in 2001. Before that he was a senior analyst at Henderson Global Investors.

ADIA has been looking for professionals for its acquisition activity in Europe for some time, having hired headhunters to do so. The fund is planning to invest in both public and private real estate companies.

The fund has been on a spending spree in recent years, including a $7.5bn cash injection to US bank Citi last year, and increasingly it looks to be expanding its activity.