Nick Tyrrell Research Prize
The Nick Tyrrell Research Prize was established in 2011 by the IPF, INREV and SPR to acknowledge innovative and high quality, applied research in real estate investment. The Prize is in memory of the work and industry contribution of Nick Tyrrell, who passed away in August 2010. Nick Tyrrell was Head of Research and Strategy and a Managing Director in J.P. Morgan Asset Management’s European real estate division. His research work was characterised by a combination of academic rigour and practical relevance.
The response of the research community to the inaugural Prize in 2012 was very encouraging, with a large number of quality and diverse papers submitted by leading academics and practitioner researchers from around the world. Since then, the number and diversity of submissions has expanded and the Prize has established itself as an increasingly prestigious award.
Topics covered by prize-winning papers include: an optimum mix of liquid, publicly traded assets that may be added to a property fund portfolio to provide the enhanced liquidity required by institutional investors such as UK defined contribution pension funds which use these funds to gain exposure to real estate as an asset class. The performance and liquidity of various investments has become an issue of concern among investors, especially as the ability of investors to exit these funds has frequently been compromised in periods following market shocks. The research indicates that applying formal optimisation techniques leads to a considerable improvement in the liability of the returns of blended real estate products to track the underlying benchmark property index even with significant addition of liquid, publicly traded assets. For details of the 2018 Prize-winning paper click here.
An additional award, the Nick Tyrrell Under-35 Research Prize, was created in 2016 to allow the Judges to recognise work by younger members of the research community. This change reflects both the original aims of the Prize and the growing number of high-quality papers submitted by younger researchers. In order to qualify for this new award all authors should be below the age of 35 on the closing date for submissions (i.e., the 31 May 2019).
As with previous years the sponsoring organisations have assembled a high profile and experienced panel of Judges from both academia and practice. The panel is chaired by Andrew Smith, Hearthstone Investments plc. The other judges are: Prof Dr Marc Franke (University of Amsterdam); Dr Alexandra Krystalogianni, Allianz Real Estate GmbH; and Nick Mansley (University of Cambridge).
The Prize includes a Prize of £2,000 (£1,000 for the under-35 award), the opportunity to present and discuss the paper at a seminar organised by the sponsoring organisations and the inclusion of the article (or a summary thereof) in one or more of the sponsoring organisations’ publications. The Prize is funded by the Nick Tyrrell Memorial Fund, which is supported by the three sponsoring organisations and administered by the IPF.
The deadline for the 2019 Prize is 31 May 2019 and all submissions should be made through the secretariat for the Prize, Dr Paul Kennedy and Rita Gosrani at firstname.lastname@example.org.