British multinational asset management company Schroders has named Duncan Owen as its new property head, succeeding William Hill with immediate effect.

Hill, who was nearly 25 years with Schroders, will remain as an adviser within the firm’s property division.

In his new role, Owen will be responsible for the team which manages the firm’s property funds including the £1.2 billion UK Property fund and the £291 million Schroder Real Estate investment trust.

Owen joined Schroders Property Investment Management in January 2012 and prior to that he served as CEO of Invista Real Estate Management.

Commenting on the appointment, Hill said: "After almost 25 years at Schroders, I feel that it is time for me to hand over the reins of the property business to Owen.

"I look forward to continuing to help Schroders in my new role as an adviser to the firm, assisting most immediately with the proposed lease of One London Wall Place, which was announced yesterday."