UBS Asset Management is making changes in the management of its real estate activities, promoting Matt johnson, Managing Director, at the head of its real estate activities in the United States, and Chu Stem, managing director and head of transactions for its real estate business in the United States, said spokesperson Sheryl Lee.
Sources familiar with the situation said the promotions were part of a reorganization of UBS’s real estate management teams in the United States and Europe. The real estate business is part of UBS’s Real Estate and Private Markets unit, headed by Joe azelby, who joined UBS last year.
Mr Johnson replaces Matt lynch, Managing Director and Head of US Real Estate, and Mr. Chu, currently Senior Portfolio for Real Estate Income Strategy, replaces Jack connelly, responsible for US real estate transactions, sources said. MM. Lynch and Connelly left the firm to pursue other opportunities.
Mr. Chu will continue to manage UBS’s real estate income strategy with Chris clayton, who has been the strategy portfolio manager since 2005. UBS executives plan to appoint a replacement for Mr. Chu in the very near future, the sources said.
Mr. Johnson will be responsible for executing regional strategy, investing and managing real estate, and engaging with clients across the United States. Based in Chicago, he will report to Mr. Azelby.
David Kozlicki, who leads investments for multi-manager real estate funds in the United States, will succeed Johnson as the head of multi-manager real estate for the Americas. Mr. Kozlicki reports to Eric Byrne, responsible for multi-managers worldwide.
Separately, Patrick O’Sullivan, Managing Director and currently COO of UBS Real Estate and Private Markets, will assume the role of business development manager, the sources said. Reto Ketterer, Managing Director and currently Head of Real Estate, Europe ex-Switzerland, will assume the role of COO.
Jonathan hollick, Executive Director and Investment Director of UBS’s real estate activities for Europe, the Middle East and Africa excluding Switzerland, assumes the responsibilities of Mr. Ketterer as Head of Real Estate for Europe (excluding Germany, Austria and Switzerland). Mr. Hollick was promoted in September to the new position of CIO, reporting to Mr. Ketterer. Mr. Hollick will also join the Real Estate and Private Markets Management Committee.
In addition, Daniel Bruellmann, Managing Director and Head of Swiss Real Estate, takes over the management of German real estate affairs at UBS. The newly consolidated real estate business will be referred to as RE-DACH (Germany, Austria, Switzerland), the sources said.
All changes took effect on Monday.