UBS Asset Management’s (UBS-AM) Real Estate & Private Markets (REPM) business has promoted Matt Johnson to lead its $30bn (€27.8bn) US real estate arm and Rod Chu as head of transactions.

According to sources, Matt Lynch, who led the US real estate business and Jack Connelly, the head of US real estate transactions will be leaving the firm to pursue other opportunities. 

UBS said David Kozlicki, who leads the US multi-managers real estate fund investments will succeed Johnson as head of the $17bn multi-managers real estate business in the US. 

As head of US real estate, Johnson is responsible for executing the regional strategy, investing and managing real estate and engaging with clients across the US, the manager said. He joined the company in 2008.

Johnson will report to Joe Azelby, head of the $110bn REPM business, and be based in Chicago.

Chu, who joined the firm in 1994, is currently a senior portfolio manager for the real estate income strategy, based in San Francisco.

Azelby said: “We are putting in place a highly experienced team to lead our flagship US Real Estate business.

“Matt Johnson and Rod Chu are both proven leaders and talented investors and I have every confidence they will successfully drive the business forward and enable us to deliver on the outcomes our clients demand.”