08 Jun 2022

Thank you to those who joined our webinar on Wednesday 8th June 2022 explaining changes to the AREF guidance on Expense Ratios. 

Moderator Jacqui Bungay, AREF was joined by speakers Constantine Sorlescu, INREV and John Forbes, John Forbes Consulting to discuss updates tot he AREF Guidance that brings it more inline with global standards, as set out in INREVs Expense Ratio Guidance. Speakers also discussed the differences in the guidance and answers some questions from the audience.  

Thank you to all our speakers for providing their insight on these highly topical issues and to members for their fantastic questions during the discussion.

More information, including a Q&A section, can be found on the AREF webpage here

Confirmed speakers:

  • Speaker: Jacqui Bungay, Policy Secretariat at AREF
  • Speaker: John Forbes, Consultant at John Forbes Consulting discussing changed to the guidance
  • Speaker: Constantin Sorlescu, Director of Professional Standards at INREV discussing the TGER

Jacqui Bungay

Policy Secretariat, AREF

Jacqui provides policy guidance and secretariat services to the AREF Board and AREF Management Committee as well as the following AREF Committees: Corporate Governance, ESG & Impact Investing, Investor, Public Affairs, Research and Information and Retails Funds. In addition, Jacqui monitors members’ compliance with AREF’s Code of Practice. 

Jacqui joined AREF in 2014 after working for over 25 years in fund compliance, client relationships and administration at Natwest Trustee & Depositary Services.

John Forbes

Independent Consultant, John Forbes Consulting

John Forbes is an independent consultant advising real estate investment managers, investors and others in the real estate industry in the rapidly changing areas of product development, governance and regulatory matters for real estate funds.  He has advised on the restructuring of high profile open and closed-ended real estate funds in the UK and elsewhere in Europe, as well as the establishment of new funds. He has advised service providers to the real estate investment management industry on the strategic implications of regulatory and other changes.  Prior to setting up John Forbes Consulting LLP in 2013, he spent over twenty-five years with PwC, where he led the firm's Real Estate Industry Practice in Europe, the Middle-East and Africa across all of the firm's services to the real estate industry.

John is the chairman of the Independent Supervisory Board of the UBS Triton Property Fund, independent chair of the Urban Splash Residential Fund and non executive chairman of Ginkgo Advisor UK Limited.

Constantin Sorlescu

Director of Professional Standards, INREV


Materials from this event:

View the recording of this session:



Eve Holloway

Eve Holloway

Marketing Executive, AREF

Eve helps with the administrative side of AREF, including running events, updating the website and marketing.

Eve previously worked for The Investment Association. She has worked in financial services since 2013.