Marcus Phayre-Mudge is fund manager at TR Property Investment Trust. He joined the Management team for the company at Henderson Global Investors in January 1997, initially managing the company’s direct property portfolio and latterly focusing on real estate equities, managing a number of UK and Pan European real estate equity funds in addition to activities in the trust. Marcus moved to Thames River Capital in October 2004 (now part of Columbia Threadneedle Investments) and he is also fund manager of CT Property Growth & Income Fund. Prior to joining Henderson, Marcus was an investment surveyor at Knight Frank (1990) and was made an Associate Partner in the fund management division (1995). He qualified as a Chartered Surveyor in 1992 and has a BSc (Hons) in Land Management from Reading University.

Jo Elliott has been Finance Manager since 1995, first at Henderson Global Investors then, since January 2005, at Thames River Capital, when she joined as CFO for the property team. She joined Henderson Global Investors in 1995, where she most recently held the position of Director of Property, Finance & Operations, Europe. Previously she was Corporate Finance Manager with London and Edinburgh Trust plc and prior to that was an investment/treasury analyst with Heron Corporation plc. Jo has a BSc (Hons) in Zoology from the University of Nottingham and qualified as a Chartered Accountant with Ernst & Young in 1988.

Alban Lhonneur joined in August 2008. He was previously at Citigroup Global Markets as an Equity Research analyst focusing on Continental European Real Estate. Prior to that he was at Societe Generale Securities, where he focused on transport equity research. He has a BSc in Business and Management from the ESC Toulouse including one year at the Brunel University, London. He also attended CERAM Nice High Business School. In 2005 he obtained a post-graduate Specialised Master in Finance in 2005 from ESCP-EAP.

George Gay has been the Direct Property Fund Manager since 2008. He joined Thames River Capital in 2005 as assistant direct property manager and qualified as a Chartered Surveyor in 2006. George was previously at niche City investment agent, Morgan Pepper where as an investment graduate he gained considerable industry experience. He has an MA in Property Valuation and Law from City University.

Appointed: October 2019

Experience: Kate Bolsover previously worked for Cazenove Group and J.P. Morgan Cazenove between 1995 and 2005, where she was Managing Director of the mutual fund business, and latterly director of Corporate Communications. Prior to this, she worked extensively in the investment fund industry and was Managing Director of Baring’s mutual fund group. Kate was also previously a non-executive director of JPMorgan American Investment Trust plc until 2016, Senior Independent Director of Montanaro UK Smaller Companies Trust until 2019, and Chairman and Trustee of Tomorrow’s People until 2017. Kate became Chairman on 20 July 2023.

Skills and Contribution to the Board: From her executive experience, Kate contributes significant and relevant skills of the investment industry to the trust. Kate’s role in various boards also gives her the relevant experience in investor and shareholder engagement.

Appointed: January 2018

Experience: Tim Gillbanks is a Chartered Accountant, with 30 years’ experience in the financial services and investment industry. Most recently, he spent 13 years at Columbia Threadneedle Investments, initially as Chief Financial Officer, then Chief Operating Officer and finally as interim Chief Executive Officer.

Skills and Contribution to the Board: Tim brings a wide experience, particularly in financial services and investment management. His previous financial experience during his executive career informs him in his role as the Chairman of the Audit Committee.

Appointed: August 2022

Experience: Andrew Vaughan brings deep experience as a pan-European direct property investor. He is Chief Executive Office of Redevco B.V., having joined in 2000 as Managing Director of Redevco UK. He was appointed CEO in 2011. Andrew began his career at Friends Provident where he was a fund manager. He spent three years at Moorfield Group as an Investment Specialist before joining Redevco. He has a BSc in Urban Estate Surveying.

Appointed: January 2020

Experience: Sarah-Jane Curtis is a Member of the Royal Institution of Chartered Surveyors. Sarah-Jane was previously Business Director at Bicester Village for Value Retail. Before this, Sarah-Jane was Director, Covent Garden for Capital and Counties PLC. She has also worked for Grosvenor for 24 years including as London Estate Director (retail/Residential) and Fund Manager for LiverpoolONE.

Skills and Contribution to the Board: Sarah-Jane has gained extensive experience during her varied career, particularly in the retail, and experience sectors and for fund and investment management activities.

Appointed: January 2023

Busola is a Chartered Management Accountant who has spent most of her executive career in Financial Services. She is currently a non-executive director of Hargreave Hale AIM VCT PLC, Ombudsman Services, a board member of the Church Commissioners for England, where she sits on the Audit & Risk Committee, and a Trustee of The Scouts Association. Until 2019 she was a Managing Director/Chief Financial Officer at State Street Global Markets EMEA, prior to which she was Finance Director to the Corporate Finance team of Deutsche Bank Capital Markets.

Busola is the founder of a digital publishing firm focused on literacy and is also a supporter of women-led ventures.