Ric Lewis leaves AEW Europe over culture clash

Ric Lewis is stepping down from his post as senior managing director and chief investment officer of European real estate investment manager AEW Europe and CEO of its London-based unit Curzon Global Partners, market sources have told PropertyEU.

In response to request for comment, AEW released a letter it sent to clients to inform them of Lewis' departure. The letter, dated 19 November 2008, was signed by AEW chairman Jeffrey Furber and Ric Lewis.

The letter stated: 'After more than 20 years with AEW, and having helped build one of the largest and most successful pan-European real estate platforms, Ric has made the decision to take some time off with his family and to think about what comes next for his career.'

But reliable sources have told PropertyEU that Lewis, founder and CEO of Curzon Global Partners, decided to step down following the restructuring of the AEW Europe group this summer. The reorganisation sees the balance of power in terms of decision making and budgetary control shift to AEW's Paris headquarters and sources say that the somewhat cautious and rigid French business style conflicts with the more entrepreneurial spirit of the Anglo-Saxon world which Lewis embodies.

As part of the reorganisation, the Curzon brand which Lewis has built up over the past decade will disappear at the end of the year and will operate under the AEW Europe name. Lewis is to step down from his positions in April 2009 but will stay on as a consultant to AEW for another three months.

The AEW group is the eighth largest real estate investor in the world. AEW Europe employs over 260 professionals who manage more than EUR 17 bn of assets through comingled investment vehicles, separate accounts and real estate securities funds for both institutional investors and private clients.

AEW Europe, until recently IXIS AEW Europe, is an affiliate of AEW Capital Management, which is based in the US city of Boston. The AEW group has gross assets of EUR 32 bn. AEW Capital Management is an autonomous subsidiary of global investment management giant Natixis Global Asset Management.

On 4 November, PropertyEU reported that AEW's current CEO Francois Pochard intends to retire early next year and that the search has started for his replacement who will lead the consolidated group. Lewis, who holds US and UK nationality, was considered by some as an obvious successor. Speaking to PropertyEU at Barcelona Meeting Point, Lewis refused to be drawn on whether he would be a candidate, but said: 'I think AEW Europe is a fantastic company. I spent 10 years of my life helping to build it and another 10 years helping to build the US business so certainly I find the company and its future very interesting.'