Global investment consultancy Mercer has hired a head of European real estate. The company created the position after months of huge inflows into property funds from institutions hoping to take advantage of rising property values since last year.

Paul Richards, who was recently appointed to the position, is based in London. Until early last year he was head of indirect investment and global managed accounts at property manager LaSalle Investment Management, where he was responsible for portfolios of unlisted real estate funds for clients in Europe and the Asia-Pacific region.