Asset management is concerned with two goals - to add value and drive improved returns. An Asset Manager is tasked with the strategic management of a designated pool of assets. They will typically be accountable for the performance of the asset, formulating a strategy for each asset and ensuring delivery of this via the use of internal and external teams.
The responsibilities of an Asset Manager will vary depending on the nature of the company they are employed by and the type of investment profile that company has - i.e., opportunistic, value add or core/core+. Roles where more value-add work is taking place will typically be more numerical in nature, for example. Typical role responsibilities include:
Work-up and deliver value-add projects supporting the short, medium and long term performance goals including (but not limited to) capex programmes, new lettings, lease regears, renewals, rent reviews, dilapidations and service charge strategy. Tasks within this include:
Leasing of properties, usually via external agents
Driving forward lease regears and renewals
Overseeing of projects - refurbishments, reconfigurations and redevelopment
Overseeing the delivery of arrears targets, rates mitigation and dilapidations through collaboration with the Property Management advisors.
Third-party management – instruct, lead, co-ordinate and supervise external professional teams (leasing agents, lawyers, project managers).
Overseeing the valuation process of assets.
Responsible for making commercially aware and financially robust recommendations to appropriate committees.
Maximise the financial performance, with key measures including NRI, valuation, return on investment and total return.
The production of quarterly reports and production of other internal reports as required
Deliver appropriate cost management against Business Plan.
Candidate Requirements:
A property degree
Qualified Chartered Surveyor
Experience in property management (if for a role which would be a first asset management position for the successful candidate) and asset management experience (if the role requires existing asset management experience)
Valuation experience/understanding
Negotiation and leasing skills
Strong writing, reporting and presentation skills
Strong commercial acumen and market awareness
Numerically able including skills for working with cashflows and asset level models (typically a requirement for more value-add focused positions, particularly when either working for a PE house or in a role with a JV relationship with one)
Well-presented and strong communication skills
Remuneration:
Asset Management packages vary, normally influenced by the type of company the role is working for with a varying ratio of basic salary and bonus split. Typically, more opportunistic/ value add companies will have a higher bonus allocation than a more institutional platform who would favour a higher basic salary, but of course every company is different. Packages will almost always have some benefits attached to them as well as an annual discretionary bonus. Broad salary level ranges are detailed below:
Role Seniority
Average Salary
Junior Asset Manager (1st AM role)
£50,000 - £60,000
Mid-level Asset Manager
£60,000 - £80,000
Senior Asset Manager
£80,000 - £100,000
Director level Asset Manager
£100,000 - £120,000
Head of Asset Management
£120,000 - £150,000
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