Braemar sells residential funds to Duschenes

Marc Duschenes, chief executive of Hale-based Braemar Group, has left the company after agreeing a management buyout of Braemar's residential property funds.

Duschenes has acquired the business in his private investment vehicle Bayfield Capital and intends to establish Bayfield Capital Management as a platform for further asset management activity.

Duschenes said: "The Brooks Macdonald take over of Braemar Group last year has placed Braemar in excellent hands for further growth. The time had come for me to pursue personal ambitions once again and this MBO is the beginning of a new chapter."

Following the MBO, Braemar Securities will continue to act as the operator of the funds and Braemar Estates will continue to provide property management services to the funds.

Martin Robinson, chairman of Braemar Group, has taken over Duschenes' role as chairman of Braemar's Channel Islands Stock Exchange listed OEICs, which continue to invest in farmland, student accommodation and ground rents.

Simon Wombwell, a director of Brooks Macdonald Group was appointed as chief executive of Braemar Securities.

Brooks Macdonald Group acquired Braemar Group for £4m in July last year.