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The head of City investment at CB Richard Ellis has quit to set up a new venture in a major blow to the property firm.
Mike Edwards, who has been at CBRE for 22 years, resigned to set up an asset management business with long-standing friends Nigel Fox and David Marten.
Fox quit as director of City investment at CBRE rival Jones Lang LaSalle and Marten walked out of LaSalle Investment Management, where he was a fund manager.
The venture will focus on central London asset management and co-investment.
Edwards said they had been planning the move for a couple of years but were reluctant to take the plunge at a time when property prices were tumbling.
He said: "There are not many people that have the ability to advise and co-invest who do not already have baggage from previous ventures."
The Evening Standard revealed last night that three senior directors at British Land - Andrew Jones, Valentine Beresford and Mark Stirling - are leaving.
