UBS has handed an institutional property fund to a rival asset manager, where the portfolio will be managed by a team who left the Swiss group a year ago.

The £121m UBS Secure Income Property fund will transfer to Pramerica Real Estate Investors next month, and will be renamed the Pramerica UK Ground Lease fund. The portfolio will be managed by Charles Crowe, director of UK real estate at the company, along with Paul Dennis-Jones and Andrew Grigson, according to a statement from Pramerica.