Marcus Phayre-Mudge has managed TR Property Investment Trust since 2011, having joined the Trust’s management team in 1997 while at Henderson Global Investors. He initially managed the direct property portfolio before moving into real estate equities, where he managed a number of UK and Pan-European real estate equity funds alongside his work on the Trust.

In October 2004, he moved to Thames River Capital — now part of Columbia Threadneedle Investments — where he is also Fund Manager of the CT Property Growth & Income Fund. Before joining Henderson, he was an investment surveyor at Knight Frank, which he joined in 1990, and was made an Associate Partner in the fund management division in 1995.

He qualified as a Chartered Surveyor in 1992 and holds a BSc (Hons) in Land Management from the University of Reading.

Alban Lhonneur joined TR Property Investment Fund as Deputy Fund Manager 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 from ESCP-EAP.

George Gay has been the Direct Property Fund Manager at TR Property Investment Trust 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 specialist City investment agent, Morgan Pepper where he gained considerable industry experience as an investment graduate.

George holds an MA in Property Valuation and Law from City University and a BA in Physical Geography from Newcastle University.

Daniel Winterbottom is COO at Thames River Capital, with responsibility for the operational management of the Real Estate Securities fund range. He also supports portfolio analysis, strategy replication, and efficient portfolio management.

Daniel joined Thames River Capital in 2009 as an Analyst. After spending a year at Schroders as an Assistant Portfolio Manager, he rejoined Thames River Capital in 2015 as an Assistant Fund Manager before being appointed COO in 2025. Earlier in his career, Daniel held investment roles at BlueBay Asset Management and BlackRock.

Daniel holds a BSc (Hons) in Mathematics from King’s College London. He also holds the Investment Management Certificate (IMC) and is a CFA Charterholder.

Appointed: October 2019

Kate Bolsover has chaired TR Property Investment Trust since July 2023, having joined the Board as a Non-Executive Director in 2019.

With a board career spanning more than two decades, Kate is also a Director at Bellevue Healthcare Trust, and Baillie Gifford & Co. Ltd. Her previous non-executive roles include serving on the board of Fidelity Asian Values Trust from 2010 to 2014 before becoming Chairman from 2014 to 2023; sitting on the board of Invesco Enhanced Income Trust from 2019 to 2023, including two years as Chairman; and serving as a Director and Senior Independent Director of Montanaro UK Smaller Companies Investment Trust from 2014 to 2019. She was also a Director of JP Morgan American Investment Trust from 2005 to 2016.

During her executive career, Kate held senior leadership roles at JP Morgan Cazenove, where she became Director of Corporate Communications with responsibility for the firm’s global marketing and communications. Before that, she was Marketing Director of Cazenove Fund Management, overseeing sales and marketing. Earlier in her career at Baring Asset Management, she helped grow the mutual funds business to $3 billion in funds under management, leading a team of 30 across the UK, Europe, and Asia, and oversaw the relocation of funds from Hong Kong, Guernsey, and Luxembourg to Dublin.

Kate holds an MA in Economics of Finance and Investment and a BA in Economics and Politics from the University of Exeter.

Appointed: January 2018

Tim Gillbanks joined the Board of TR Property Investment Trust as a Non-Executive Director in January 2018 and has served as Senior Independent Director since July 2023.

With more than 30 years’ experience in financial services and investment management, Tim is also a Non-Executive Director at Janus Henderson Investors EMEA and Brown Shipley, a Quintet Private Bank. He previously served as a Trustee of Blood Cancer UK from 2018 to 2025.

During his executive career, Tim spent 13 years at Columbia Threadneedle, serving as CFO, COO, and, latterly, Interim CEO. Prior to that, he spent 15 years at PWC, working in audit, financial services advisory, and consultancy across London, Boston, and Bangkok.

Appointed: January 2023

Busola Sodeinde joined the Board of TR Property Investment Trust as a Non-Executive Director in January 2023 and has served as Chairman of the Audit Committee since October 2023.

Busola is a Chartered Management Accountant with extensive experience in financial services. She is also Chair of the Board of Trustees at Opportunity International, Chair of the Audit and Governance Committee at Railpen, and a Trustee of The Scouts Association. She is also a Board Member of the Church Commissioners for England, where she sits on the Audit and Risk Committee.

During her executive career, Busola was Managing Director and CFO for State Street Global Markets EMEA until 2019. Prior to that, 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 an active supporter of women-led ventures.

Appointed: January 2020

Sarah-Jane Curtis joined the Board of TR Property Investment Trust as a Non-Executive Director in January 2020.

Sarah-Jane is a Member of the Royal Institution of Chartered Surveyors and is a Non-Executive Director and Senior Advisor at Bicester Motion, having previously served as its COO. Prior to this, she was Business Director at Bicester Village for Value Retail and Director of Covent Garden at Capital & Counties Properties PLC.

Earlier in her career, Sarah-Jane spent 24 years at Grosvenor, where she held a number of senior roles, including London Estate Director and Fund Manager for Liverpool ONE, an open-air shopping and leisure complex located in Liverpool city centre, England.

Sarah-Jane holds a BSc in Land Management from De Montfort University.

Appointed: May 2026

Graham Kitchen joined the Board of TR Property Investment Trust as a Non-Executive Director in May 2026.

Graham is a CFA Charterholder with more than 30 years’ experience in investment management. He is Chairman of AVI Global Trust and a Non-Executive Director of The Mercantile Investment Trust plc, where he serves as Senior Independent Director. He is also a Non-Executive Director of Places for People, one of the UK’s largest affordable housing providers.

During his executive career, Graham was Global Head of Equities at Janus Henderson Investors, having previously served as a fund manager. Prior to that, he was Head of Investment Strategy at Perpetual Asset Management.

Gavin is an Investment Trust Accountant within Columbia Threadneedle Investments’ Investment Trusts team. He is a Chartered Management Accountant with more than 25 years’ experience in investment trust accounting, and has been involved in the accounting and financial reporting for the Trust since January 2022.

Prior to joining Columbia Threadneedle Investments, Gavin held a number of senior fund accounting roles at BMO Global Asset Management, BNY Mellon, State Street, and M&G.

Paul Gorrie is an Equity Analyst at TR Property Investment Trust, covering the UK and Nordic real estate markets.

Paul joined Thames River Capital in 2018. Prior to this, he worked at Numis Securities, where he covered UK real estate equities with a focus on small and mid-cap companies. He trained as a Chartered Accountant at Deloitte, where he worked as a management consultant within the financial modelling team, advising a range of public and private sector clients. He has also worked as an independent consultant at a start-up.

Paul holds a BA (Oxon) in Modern Languages from The Queen’s College, University of Oxford.

Aidan Bolton is an Analyst at TR Property Investment Trust, covering European real estate.

Aidan joined Thames River Capital in September 2022. Prior to this, he spent three years at CenterSquare Investment Management as a buy-side analyst, covering the European listed real estate sector. Earlier in his career, he worked as a sell-side analyst covering Financial Institutions Groups (FIG) before joining BNY Mellon, where he completed the firm’s rotational development programme across audit, trading, and real estate investment management.

Aidan holds an MSc in Finance and a BA in Business from the National College of Ireland.

Hanna Corney joined Thames River Capital as a Direct Property Asset Manager in August 2022.

Prior to joining Thames River Capital, Hanna spent eight years at British Land as an Asset Manager, focusing on its prime Central London office portfolio. Earlier in her career, she held roles at CBRE and Knight Frank, where she developed extensive commercial property experience.

Hanna holds an MSc in Real Estate Economics from the University of Reading and a BA in Politics and Economics from Newcastle University. She is also a Chartered Surveyor and member of the Royal Institution of Chartered Surveyors (RICS).