ASIA - Morgan Stanley has reshuffled its Asian real estate team after putting Sonny Kalsi, global head of real estate investments, on administrative leave.

Kalsi is on leave with immediate effect and has been replaced by Owen Thomas, head of Morgan Stanley Asia, who has also become chairman and chief executive of Morgan Stanley Real Estate Investing (MSREI).

The group is making additional management changes to take cover Kalsi's day-to-day duties but declined to comment further.

Jay Mantz, currently co-head of the merchant banking business within Morgan Stanley Investment Management, will return to MSREI as president and chief investment officer (CIO) and Tim Morris, currently CIO of the specialist subsidiary, will assume the responsibilities of chief operating officer.

Kalsi was based in New York and worked with the company for 18 years.

Morgan Stanley has $91.3bn (€71.5bn) of real estate assets under management at the end of September 2008, of which 39% are locate in the Americas, 32% in Europe and 29% in Asia.

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