Schroders has hired a property specialist from Morley Fund Management to take direct control of its funds of property funds operation, in the belief that real estate is going to make a significant contribution to the company's growth.

Graham Rutter will report to Jenny Buck, the current head of the division. Buck will be taking a broader strategic role in Schroders' property department following the growth of funds of funds under her management to £1.3bn (€1.9bn).