Previously this had sat, somewhat oddly it appeared to outsiders, within Morgan Stanley’s investment bank. More significantly to Mack, it had been a huge success, growing from a $450 million opportunistic fund set up to acquire value from the wreckage of the US real estate crash in 1991 into a global business, with more than $56 billion of third-party assets under management and control over more than $82 billion of real estate assets, including equity stakes in public real estate companies.
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