REAL ESTATE - UBS has appointed AXA Real Estate Investment Managers CEO Paul Marcuse to head its asset management arm’s global real estate business. Marcuse, who will also join the asset management firm’s executive committee, replaces James O’Keefe.

UBS spokeswoman Sarah Small said O’Keefe would remain a full-time senior adviser reporting to Marcuse. "He’s been in the business almost 35 years," she said. "He just felt the time was right for a change."

Marcuse, who will be based in London, will report to John Fraser, chairman and CEO of

UBS Global Asset Management.

Small said the real estate team saw "growth opportunities", but had no further information on what they might be.