ING UK Real Estate Income Trust Limited has announced that it has received approval at its annual general meeting to change its name to Picton Property Income Limited. The investment management function will be officially internalised from 1 January 2012, when its contract with ING Real Estate Investment Management comes to an end. The move towards internalisation is intended to attract investors who choose not to invest in externally-managed funds and to aid the company in its goal of establishing “one of the most efficient cost bases” in the Guernsey-domiciled real estate investment company sector.

Michael Morris, the current fund manager, will become the new chief executive of Picton Capital and oversee the internalisation process. 'We look forward to making further progress during this transition phase and delivering value for our shareholders under our new name,' said Nick Thompson, chairman of ING UK Real Estate Income Trust Limited.