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Astonishingly, it is three years since John left PwC and set up John Forbes Consulting LLP. Our third year was just as busy as the previous two. We hope that you are interested again in what we have been up to over the last twelve months. In this review of the year, we comment on our client work, John's roles on real estate industry bodies and our support of cycling.
John has also continued his role as chairman of the independent Supervisory Board of the UBS Triton Property Fund, and was re-elected at the fund's AGM in May for a further three year term.
Apart from these two roles, John has continued to undertake projects for real estate fund managers and for service providers to the industry, Since the financial crisis investors have become significantly more demanding. John has been helping clients in changing their operating model to deal with this.
John is a senior adviser to Capita Real Estate, which has been our largest client over the year. He has helping the company to integrate and expand its services to the real estate industry. This has been an exciting and challenging project with the changes following Capita's acquisition of GL Hearn a year ago.
Regulatory changes are also having a major impact, both direct regulation of investment managers through the Alternative Investment Fund Managers Directive, and the indirect impact of regulation of investors through the application of the European Union Solvency II and IORP Directives.