To represent the interests of AREF members and investors in ensuring the positive development of the:
(i)    MSCI/AREF UK Quarterly Property Fund Indices (UK QPFI),
(ii)    Property Fund Vision (PRV) Handbook

Membership Structure (Preferred)

The members of this committee should include representation from fund management houses, who contribute to the index and PFV, and investors who use the index and PFV. In accordance with normal AREF policy, there may not be more than one committee member from a single house as the same type of representative.


  • Fund Member Representatives - Minimum 1 Maximum 2
  • Fund Management House Operations - Minimum 1 Maximum 4
  • Investor Member Representatives:   
    • Multi-Manager - Minimum 1 Maximum 2
    • End Investor eg. Local Government Pension Scheme - Minimum 1 Maximum 2
  • MSCI - 1
  • AREF Secretariat - 1    

Current Membership   

See Appendix 1   


  • Ensure quality control around the production of the UK QPFI.
  • Liaise with MSCI concerning all performance measurement, analysis and data collection issues.
  • Liaise with MSCI on the development of the UK QPFI and PFV to meet changes in fund and investor requirements.
  • Promote consistency and integrity of UK QPFI in order to improve transparency and confidence in the industry.
  • Liaise with other AREF committees and working groups on the subject of performance measurement and data analysis within AREF.
  • Liaise with investors and all their representatives with the objective to meet their data analysis requirements.
  • Through the AREF Executive and Secretariat, ensure an appropriate level of profile for the UK QPFI and other products both within the membership and externally.
  • Inform AREF membership promptly of urgent matters through AREF Executive and Secretariat.
  • Review Terms of Reference annually.

Committee’s Objectives

See Appendix 2

Reports to:

  • AREF Management Committee
    • Verbal updates to be made to AREF Management Committee by Chair
    • Requests for approvals to be provided to AREF Management Committee at least two weeks in advance

Liaises with:

  • MSCI
  • Other AREF Committees, as appropriate
  • Other real estate and investment organisations as required


Quarterly full meetings.
Ad hoc full or partial meetings as required
AREF’s “Committee meeting responsibilities” to be followed.


Updated 5 April 2023
Approved by AREF Management Committee on 25 April 2023


Appendix 1 - Current Membership

Tom Richardson, Chair / Investor Member Representative – Multi-Manager, Aegon
Matteo Gaspari, Fund Member Representative, Federated Hermes
Robert Maroldi, Fund Member Representative, PGIM
Sam Giet, Fund Management House Operations, BlackRock
Katherine Xu, Fund Management House Operations, M&G
Ray Adderley, Fund Management House Operations, Nuveen
Nick Price, Fund Management House Operations, Schroders
Annie Todorova, Investor Member Representative – Multi-Manager, LaSalle IM
Ed White, MSCI Representative, MSCI
Jacqui Bungay, Policy Secretariat, AREF


Appendix 2

Committee’s Objectives

Short Term Objectives

  • Consider how to ensure all members meet the deadlines for providing data, and signing it off, for the index and PFV
  • Consider how to implement a transparency rating for Fund Members
    • How would the transparency rating be calculated?
    • Where would the transparency rating be published?
  • Agree with MSCI how to split out the “others” sector into named sectors such as to hotels, healthcare, residential, leisure and then others.
  • Agree ESG metrics to be added to the PFV.
  • Consider the process for funds winding up to leave the UK PFI.
  • Liaise with MSCI on removing old closed funds from the PFI Digest

Long Term Objectives

  • Consider the process for adding new data to the PFV