The Property Derivatives Interest Group (PDIG) has appointed Nick Scarles to be its chairman. Scarles is group finance director at Grosvenor, the international property development, investment and fund management group.
Grosvenor carried out its first property derivative transaction, in the UK, in 2006. This was followed in 2007 by a trade in the US, and a succession of market firsts; in Australia, Japan and Italy. Scarles has been a member of the PDIG steering committee for more than a year. Iain Reid, chairman of PDIG since he helped co-found the industry body in 2005, steps down to concentrate on the group’s international liaison activities and remains a member of its steering committee.