After being restructured out of Goldman Sachs JBWere Asset Management last week, the manager’s former head of property is planning to return with his own business, probably in the sustainable property sphere.

Tim Hannon was retrenched last week after 14 years with GSJBW AM, the last three as head of property securities, with the culprit being the halving of the investible universe over the past year, according to the firm.

The chief investment officer of  GSJBW AM, Andrew Cooke, has assumed Hannon’s portfolio management responsibilities, and Marcus Ryan will report to him as the remaining dedicated analyst of property securities.

The decimated LPT asset class is not one to which Hannon will be returning.

"I’ll be looking at starting my own business in real estate, not LPTs, but the sustainable property sector is something I’ve always been passionate about," Hannon said.

He said he had no firm plans for the business at this stage, with the immediate priority a few week’s holiday in Italy.