CIT Group’s managing director is to set up a new asset management company.
Martin Roberts, who has worked at CIT for ten years, will set up Addington but will remain in his role at CIT.
He will be joined by CIT director Matthew Allen.
John Barroll Brown, CIT’s chairman and chief executive, said: “We will continue with current roles in relation to the ongoing management and realisation of existing CIT assets under management, but Martin will also be free to pursue new projects independently of CIT.
“Martin will continue to focus, in particular, on the UK Fund and at South Quay with the current CIT asset management team and on asset management services generally.
“Martin and I have worked together for over 15 years and we both feel that the changes are appropriate to take the business forward and to serve the interests of existing investments whilst opening other opportunities.
“I look forward to working together with Martin on new projects as he remains a close friend and I wish him every success in his new venture.”
Baroll Brown has spent the last 5 years based in CIT’s Bahamian offices and has now relocated to the UK to refocus the business as the market emerges from recession.
Roberts said: “I have worked for over a decade at CIT as an advisor and then as CIT’s Property Director but, as we now emerge from the worst of the economic downturn, I sense that the time has come for me to do something on my own.
“I am grateful to John for providing a structure that allows me to continue to play an active role in the asset management of the portfolio, in which I retain a substantial financial interest, to manage the fund’s assets and realise these investments as market conditions allow on behalf of CIT’s existing banks and investors.”
