Michael Lloyd signs off from Patriciu's real estate business

Michael Lloyd, the person in charge of Baneasa project in north Bucharest for eight years, signed off as non-executive director of the German investment fund Rutley European Property Limited, held by Dinu Patriciu.

Michael Lloyd (photo), aged 43, took up the leadership role at the German fund in December 2009. Lloyd resigned as non-executive director, with effect from March 18. Lloyd has also stepped down from his role in Quintet Asset Management.

"After 2 years as Chairman of Quintet, Michael Lloyd has reluctantly decided that it is in his best interests to fully pursue his other private business interests rather than devote his talents to Quintet in a full time position. This is fully an amicable separation, and Mike remains a good friend to Quintet and Romania," said Paul Phillips, CEO, Quintet Asset Management.

As of the same day, the fund held by Dinu Patriciu will operate under a new name – DP Property Europe Limited. At the end of last year, the fund’s assets under custody totaled £485.3 million (over €560 million).

After eight years in charge of Baneasa Developments, Lloyd left his post at the company held by Gabriel Popoviciu in February 2008 and set up his own company, Quintet Asset Management based in Bucharest that provides a full range of services in asset management and real estate.

Michael Lloyd is present in the local property market since 1992 when he served as counselor to the president of the National Privatization Agency and later on to the president of Romanian Development Agency. Prior to the National Privatization Agency, we was Partner at Jones LangLaSalle and worked in western and eastern Europe.

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