People News – Page 66
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Prupim signs new investment head
GLOBAL – Prupim, the real estate division of the UK life assurer Prudential plc, has appointed John Wythe as head of fund management.
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Cordea makes new international signing
GLOBAL – Cordea Savills, the international property fund manager, has appointed Michael Flynn as global head of its institutional business.
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Outflows hit Invista REIM’s results
UK – Invista Real Estate Investment Management suffered a 32% drop in revenue in 2008, according to preliminary results for the year.
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CalPERS signs real estate exec
US – The California Public Employees’ Retirement System (CalPERS) has appointed James Lasher as senior portfolio manager of its real estate housing portfolio.
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Axa keeps on growing real estate
SCANDINAVIA – AXA Real Estate Investment Management (AXA REIM) has increased its retail investments and expanded its team in the Nordic and Baltic regions.
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JLL shakes up Asia
ASIA – Jones Lang LaSalle (JLL) has announced a series of management changes in its Asian division.
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Grosvenor seek urgent retail debt solution
UK – Grosvenor, the privately-owned property group, has confirmed it is in debt talks to prevent a breach in the banking contract of its retail fund.
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Mercer buys Callan to create consulting giant
UNITED STATES – Callan Associates, the San Francisco-headquartered consultant to major investors such as US pension funds, is being bought by rival firm Mercer to create one of the largest investment consulting businesses in the US.
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Kalsi’s 'leave' shakes up MS Asian real estate team
ASIA – Morgan Stanley has reshuffled its Asian real estate team after putting Sonny Kalsi, global head of real estate investments, on administrative leave.
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ING Clarion expands into the DC pensions space
UNITED STATES - ING Clarion Partners is entering the US defined contribution (DC) investor market for the first time, as officials believe there will be significant growth in the DC pensions arena.
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Market conditions bite into CBRE’s business
GLOBAL – CB Richard Ellis (CBRE) will continue trying to reduce expenses this year as net income plummeted to $83.9m (€65.37m) in 2008 compared to $390.5m recorded the previous year.
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Duncan heads First Industrial
US – First Industrial Realty Trust, the North American Real Estate Investment Trust (REIT), has appointed Bruce Duncan as president and chief executive officer.
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JLL sees earnings drop in tough times
US – Jones Lang LaSalle (JLL) suffered a 61% fall in earning in the fourth quarter of 2008, bringing the firm’s total net income for the year to $84m (€65.2m).
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BNP Paribas confirms real estate rebranding
FRANCE – BNP Paribas is uniting all of its real estate subsidiary businesses under the BNP Paribas Real Estate brand as part of a change in strategy, it was confirmed at the Atisreal Année Immobiliere meeting on Tuesday.
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Spain to see second property giant collapse
SPAIN – Nozar, a major property company in Spain, is on the brink of going into administration with debts of over €4bn, which could make it the second- largest corporate default in the country.
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Pramerica expands mezzanine position
EUROPE – Prudential Real Estate Investors (PREI) has hired a team of real estate financers to build a commercial property mezzanine platform in Europe to take advantage of immediate opportunities created by the volatile markets.
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Hermes' Evans moves into new role
GLOBAL – Hermes, the pension fund manager owned by the BT Pension Scheme, has reshuffled its property team as part of a new strategy that will focus on investing in debt and listed company shares.
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UBS unwinds real estate secs team
SWITZERLAND – UBS, the Zurich-based bank, is to close its real estate and securitisation business and cut more jobs, following plans to downsize its fixed-income unit.
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Texas Teachers gets new head
US – The Teacher Retirement System of Texas (TRS) has appointed Linus Wright as the system’s new chairman, following Jim Lee’s decision to resign from the post to pursue a new business venture.
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AREF appoints new chair
UK – The Association of Real Estate Funds (AREF) has appointed Bill Hughes, managing director of Legal & General Property, as its new chairman.
