The real estate division of Aberdeen Standard Investments (ASI) has £43 billion of assets under management, of which two-thirds are in the UK.

ASI is undergoing a shakeup under Neil Slater, who was appointed as head of real estate at the company six weeks ago, The Times reports.

Mr Slater’s arrival has arrived at the same time as concerns have arisen regarding ASI’s £1.2 billion property fund, which has been hit by redemptions after fears over falling retail property valuations prompted its rival, M&G, to close trading in its property funds.

Over 40% of ASI’s assets are in retail property.

ASI said that it was monitoring the situation “closely”. It has cash holdings of around 12.5%.

Mr Slater said: “We need to ensure that we’re well placed for the future and this may mean adding resource to strengthen further areas of the business, such as in Asia or our residential capability.”

One area of focus in the UK will be the private residential rental market, in which ASI sees an opportunity to utilise its experience in Germany, where it has invested about £3 billion in residential assets. Mr Slater also wants to look at the rise of e-commerce and flexible working.