PDIG appoints new chairman

Scarles takes over from Protego Real Estate Investors chairman Iain Reid, who has been the group’s chairman since he co-founded it in 2005. Reid steps down to concentrate on the group’s international liaison activities and remains a member of its steering committee.

Scarles is group finance director at Grosvenor, the international property development, investment and fund management group, where he has been leading its property derivatives initiative. In previous roles, he gained substantial experience of gas, electricity and weather derivatives in the UK and North American markets. He has been a member of the PDIG Steering Committee for over a year.

The Property Derivatives Interest Group (PDIG) is a group managed by the Investment Property Forum (IPF), a specialist property industry body in the UK. It covers recent property derivatives activity and provides background information on the sector.