Euromoney Liquid real estate March 2007
Paul Marcuse has been named UBS Global Asset Management’s new head of real estate. Marcuse was formerly the chief executive of Axa Real Estate Investment Managers (Reim), a position he had held since March 2000. He will be responsible for diverse real estate strategy, including property funds and agricultural investments.
The move is something of a homecoming for Marcuse, who was at one time head of the European real estate group at UBS, before the merger with Swiss Bank Corporation. He went on to become chief financial officer of Rodomco, a Dutch property fund, before joining Axa.
Marcuse also spent 10 years as an investment banker at Goldman Sachs, and five years at BZW Property Management as head of real estate advisory and, subsequently, private equity.
Marcuse replaces James O’Keefe, the 33-year real estate veteran, who becomes a senior advisor to the global real estate team. It appears that Marcuse’s new boss, John Fraser, CEO of UBS Global Asset Management (Gam), wants the real estate business to continue running in much the same fashion as it has done under O’Keefe’s leadership. O’Keefe remains a full time member of UBS Gam, and Marcuse will immediately join him on the UBS Gam executive committee. Indeed, in confirming the appointment, Fraser was careful to give O’Keefe equal billing.
“Under Jim’s leadership, global real estate has become a key part of our investment capabilities, and an important contributor to our business success,” he said before commenting on the succession. “We are delighted to be securing someone of Paul’s stature. Paul’s 20 years of experience in the real estate industry will drive our business forward to the next stage of its development.”
Marcuse’s replacement at Axa will be his former deputy, Pierre Vaquier, who is president of Axa Reim in France.
Last year, Vaquier’s department executed the first French property derivatives swap with Merrill Lynch. Vaquier will report to Dominque Carrel-Billiard, chief executive of Axa Reim’s parent company Axa Investment Managers.
The company has undergone a number of recent desertions. In addition to Marcuse, Veronique Courlier and Paul Griffiths, the heads of hedge funds and global bonds respectively, left within 24 hours of each other. An entire fixed income team in Paris left over a period of several months to join Pictet Asset Management.
There will be no period of consolidation for Axa though. It is due to announce a number of new recruits to help launch a range of new funds from its specialist conviction global equity business. An environmental fund, a long term socially responsible fund and a mixed fund for quote commodities and commodities futures have been announced. Three new portfolio managers are expected to be hired to run the new funds.
