UK investment manager Schroders has been awarded the mandate to manage two UK property trusts with a total of EUR 715 mln of assets.

Invista Foundation Property Trust Limited (IFPT), a London-listed investment firm founded in 2004, and Equitable Life Assurance Society (ELAS), one of the UK's oldest insurance firms, have appointed the company to manage their UK real estate portfolios.

IFPT was formerly managed by Invista REIM, which is in the process of winding down. Schroders has recruited an eight-strong team of executives from IREIM, including Duncan Owen, Nick Montgomery, Melinda Knatchbull and Andrew Macdonald.