Abacus CIO appointed Managing Director

Abacus Property Group has announced the appointment of Steven Sewell as managing director, effective immediately, following the sudden passing of Frank Wolf.

Sewell, who joined the group in October 2017 as chief investment officer and head of strategy, was due to take on the additional role of managing director in July 2018, following Wolf's retirement.

Wolf had been a member of the Abacus team from its inception in 1996, was deputy chair upon its listing in 2002, and took over as managing director in 2006.

In a statement to the ASX, Sewell said: "It is with great sadness that I take on this role and responsibility at this time. I am committed and confident in the Group's ability to continue the strong legacy Frank leaves behind."

Sewell has 17 years' experience in real estate funds management, asset management, equity and debt capital markets and M&A transactions. Before joining Abacus, he worked as an executive director overseeing Macquarie's real estate strategies as part of its Infrastructure and Real Assets (MIRA) division in the UK and Australia.

Commenting on his appointment as MD, Abacus Property Group chair, John Thame, said: "While this has occurred earlier than anticipated, we have every confidence in Steven's strong capabilities to take Abacus into the next stage of its future."

Sewell will retain his responsibilities as chief investment officer and head of strategy.