Russell to double Asia property investments

August 12, 2008
Russell to double Asia property investments

(SINGAPORE) 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.