Residential Secure Income changes asset management arrangements

1st Nov 2024 08:51

(Sharecast News) - Residential Secure Income announced changes to its asset management arrangements on Friday, following the launch of a new partnership between Gresham House and Thriving Investments.

The London-listed company said the partnership established a dedicated fund management platform for shared ownership and affordable housing in the UK, focusing on managing Gresham House Residential Secure Income LP, a private fund.

As part of the new structure, Ben Fry, along with members of Gresham House's housing team, would transfer to Thriving Investments.

Fry would continue to lead ReSI's fund management under a secondment to Gresham House for an initial nine-month period.

Thriving Investments would now oversee certain asset management services for ReSI Housing, ReSI's registered provider of social housing, while Gresham House retained responsibility for managing ReSI's retirement portfolio and broader fund management services.

The updated arrangement would not alter fund management fees or responsibilities for Gresham House, nor would it impact ReSI's portfolio, residents, or the status of ReSI Housing, the board explained.

Additionally, ReSI's board said it planned to issue a shareholder circular in the coming weeks outlining the previously-announced managed realisation strategy and capital return to shareholders.

At 0932 GMT, shares in Residential Secure Income were up 4.91% at 59.8p.

Reporting by Josh White for Sharecast.com.