British real estate investment manager Mayfair Capital has appointed Giles King as the new CEO, replacing co-founder James Thornton.

Thornton will resign from his position as the CEO at the end of this year.

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He will remain in his role as the non-executive chair of the UK-based investment firm, which manages £1.7bn in assets.

He will also be part of the firm’s UK executive board and its investment risk and remuneration committees.

In addition, he will continue to support the fund director on Mayfair Capital’s £653m Property Income trust for charities and will assume a new client relationship role within the business.

Commenting on his resignation, Thornton said: “The time is right for me to hand over executive responsibility for running the business. Succession has been a feature of our business planning and I am very confident in the new team.

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“It is four years since we became part of Swiss Life Asset Managers and I have enjoyed managing the business through the transition into being part of a pan European business with a strong commitment and culture in sustainable real estate investment.”

Thornton, who started his career at JLL, has spent over 35 years in the UK commercial property space.

He co-founded Mayfair Capital in 2002. Before becoming the CEO of Mayfair Capital in 2014, he has served as the CIO of the firm.

Executive director King will assume the new role on 1 January 2021.

King joined Mayfair Capital’s UK executive board in 2018 from Westmount Real Estate.

He said: “I look forward to working with James in his new capacity and wish him all the best in his new role.

“James has done a fantastic job in establishing Mayfair Capital as a market leader in thematic and sustainable real estate investment and I, along with the rest of the Mayfair Capital team, remain committed to continuing the expansion of our business both here in the UK and internationally.”