Stephen Musgrave, the development veteran and former chief executive officer of the Duke of Westminster's Grosvenor Estates, has been appointed chairman of Mayfair Capital. He will succeed David Larkin who is retiring from the UK property fund manager after three years.

Musgrave, 58, will take up the role next month. He most recently spent four years as managing director of real estate developer Hines and has worked as a consultant since leaving Hines last autumn.