UBS Asset Management has hired Joseph Azelby to succeed Thomas Wels as head of real estate and private markets.
UBS said Azelby succeeds Wels who has been appointed divisional vice chairman for UBS Asset Management. In this capacity, he will continue to act as a senior advisor.
Azelby, the former CEO of JP Morgan’s global real assets business who joined Apollo Global Management in May 2017 as a senior partner and head of real assets, has joined the $100bn Real Estate & Private Markets (REPM) business which operates out of 14 countries.
Ulrich Koerner, president UBS Asset Management, said: “Azelby’s appointment reflects our commitment to further expand our leading REPM franchise, with a clear focus on developing innovative products and delivering attractive returns for our clients.
“As part of one of the largest alternatives managers in the world, I am confident that Azelby and the team are strongly positioned to build on our long-established track record to take the business forward.”