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Marcuse moves to UBS Gam

Departure heralds new appointments at Axa Reim.

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.

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