Chad W Phillips is to replace Chris McGibbon as global head of Nuveen Real Estate, the property investment management arm of US financial services giant TIAA.
Phillips will be responsible for $141bn (€130bn) in commercial real estate equity and debt investments across 22 countries. He is taking over immediately from McGibbon who is retiring after nearly 25 years of service.
Phillips will also chair the Nuveen Real Estate global executive leadership team, which oversees the platform’s strategic initiatives.
Nuveen said Phillips has nearly 25 years of experience in real estate and portfolio management. He joined Nuveen in 2019 and most recently led a global team of sector specialists focused on workplace, healthcare, retail and mixed-use investments.
Phillips said: “It’s a privilege and a pleasure to take on the leadership of Nuveen Real Estate, a dynamic platform that combines deep sector expertise with the advantages of our size and scale. Focusing on our clients’ objectives will remain our foremost priority as we continue building our platform’s reputation for innovation through the expertise and hard work of our industry-leading teams.”
Mike Sales, CEO of real assets at Nuveen, said: “Chad is known for his leadership style, investment expertise and consistent commitment to client service. I have every confidence he will maintain our drive for excellence as he guides the platform into the future.”
McGibbon will remain with the firm until his retirement on 30 June 2025 to ensure a smooth transition.
“Over the course of nearly 25 years with TIAA and Nuveen, including the last six years as global head of Nuveen Real Estate, Chris has worked tirelessly to grow and transform our real estate business, which is now a top-five global player,” said Sales. “His vision, dedication to clients, focus on investment performance and support of our top talent will leave a lasting impact on our real estate business.”
McGibbon said: “I’m incredibly proud of the platform that we’ve built and confident that Nuveen’s real estate business is in very good hands with Chad at the helm. The global leadership position that the platform has achieved is a testament to the strength of our team and their constant dedication to our investors.”
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