Morgan Stanley has confirmed that John Carrafiell is to step down next month from his position as co-head of real estate investing. Joint co-head Sonny Kalsi, who is based in New York, will take full leadership of the bank's real estate investment business which has over $90 bn (EUR 64.5 bn) of assets under management. Just over $60 bn (EUR 43 bn) of the assets are in Europe.
Morgan Stanley has confirmed that John Carrafiell is to step down next month from his position as co-head of real estate investing. Joint co-head Sonny Kalsi, who is based in New York, will take full leadership of the bank's real estate investment business which has over $90 bn (EUR 64.5 bn) of assets under management. Just over $60 bn (EUR 43 bn) of the assets are in Europe.
A spokesman for Morgan Stanley told PropertyEU that Carrafiell will continue as a senior adviser to Morgan Stanley Real Estate. He will remain on the boards of several Morgan Stanley-backed property companies, such as Dutch-based shopping centre developer Multi Corporation, Spain's Grupo Lar, Canary Wharf Group in London and private equity firm Dubai International Capital.
London-based Carrafiell has decided to pursue his career elsewhere. He has yet to announce what his plans are.
A graduate of Yale University, Carrafiell joined Morgan Stanley in 1987 at the bank's New York office. He moved to London two years later and helped launch Morgan Stanley's European property investment programme in 1994. He was appointed joint co-head in 1995 and led the £1.7 bn takeover of Canary Wharf Group in 2004. The transaction was the largest ever in the real estate sector in the UK.
