US privately-held developer-investor Hines has announced the launch of a new structure for its investment management business which will be co-led by Global Chief Investment Officer David Steinbach and CEO of Capital Markets Chris Hughes.
With $124.3 bn of assets under management, Hines said that the new structure will 'encourage more large investors to work directly with the firm in a variety of collaborative ways with the goals of achieving their objectives and simplifying the process'.
'Our vertically integrated real estate service model has been honed and time-tested for the past six decades, and we are known as passionate, multi-sector property experts,' commented Hines President and CEO Jeffrey Hines. 'Our Investment Management business, which began in ‘91, has grown steadily, as our business has grown, and now we are in the position to achieve more-meaningful scale for the largest and most-savvy investor partners as they consolidate their universe of managers. We are raising the bar on ourselves in terms of how we service investors.'
Hines has initiated 57 investment vehicles since 1991 and currently runs large core and value add funds in Europe, the private, non-listed Hines Global Income Trust and a number of significant separate accounts for large global investors. The firm said that it is working proactively and collaboratively with current and future investors on new product offerings.
Joining Steinbach and Hughes are three new geographic Chief Investment Officers overseeing investment strategies in the Americas, Europe and Asia. These new CIOs—Alfonso Munk, Alex Knapp and Lee Timmins—will direct all institutional and retail investment vehicles in their geographies and will join the firm’s Investment Committee.
Alfonso Munk, who joins the firm from PGIM Real Estate, will oversee the Americas. Hines veteran Alex Knapp assumes the new role of CIO Europe providing investors with more than 15 years’ experience in commercial and residential transactions across the risk spectrum. He has been a leader in developing new product lines and operational strategies for the firm and will be based in the firm’s London headquarters.
Lee Timmins, who has led the firm’s Eurasia Region from Moscow since 2014, has been appointed CIO of Asia.
'Our expanded platform allows us to satisfy the needs of our investors who want to ‘go direct’ with larger, more-strategic relationships, led by real estate experts who are thinking well into the future and looking above the tree line. We believe our new platform positions Hines to be in the highest tier of investment managers,' said David Steinbach.
