2010AWARDS & AnnuAL REVIEW - PERE

3Throwing down
the gauntlet
the townsend Group recruited
nick Cooper, the former head
of inG’s fund of funds business
to boost its multi-manager operation
The Townsend Group stirred up a veritable viper’s
nest with a particularly eye-catching hire in May.
In a move that threw down the gauntlet to specialist
European fund of funds managers and
more generalist investment consultants, the US
firm took on Nick Cooper, the former head of
ING Real Estate Select, which is the Dutch bank’s
global multi-manager business.
The hiring was a
move – and one that
many fund of funds
saw as an aggressive
one – to help grow
Townsend’s own
multi-manager capabilities
in the European
and Asian
markets.
At the time there
were a great many
murmurings and
implied criticisms
Cooper: stirring up a viper’s nest
about consultants
that also managed
third-party funds.
Privately, fund of funds managers were grumbling
that consultants – not necessarily Townsend, but
others – were diverting business away from them.
While at ING Real Estate Select, Cooper managed
£4 billion (€4.6 billion; $6 billion) for more
than 150 investors in non-listed real estate funds
worldwide and developed Osiris, the UK’s largest
property fund of funds – so he was no small catch.
Adam Calman, principal for The Townsend
Group in London, said at the time: “Nick Cooper’s
extensive experience in the industry and high
reputational standing with institutional investors
will be a real boost for The Townsend Group’s rapidly
expanding investment management business
in Europe and Asia.”
Calman added: “Real estate markets globally
are offering the best investment opportunities in
a generation, but only to those who have the expertise
and structural support to seek out those
opportunities and underwrite the risks. We believe
with the addition of Nick that Townsend is
very well positioned to be an industry leader in
identifying the best real estate investments for our
clients around the globe.”
Townsend went on to make more hires, while
ING REIM Select continued to lose people.
Best of the rest on
PEREnews.com [Europe] in 2010
4
CRuZ MISSILE
Pedro Aznar, head of Warburg Pincus’ European real estate activities,
left to join the new alternatives firm set up by Zoe Cruz, the former copresident
of Morgan Stanley. Aznar, who was based in Warburg’s London
office, resigned to become global head of real estate assets at Voras Capital
Management.
5
nORWAY’S WISE MEn
Norway’s $300 billion sovereign wealth fund, the Norwegian
Government Pension Fund Global, assembled a cast of advisors to help it
begin investing up to five percent of its assets in global property. Those on the
real estate advisory board included Mark Burton, former chief investment
officer for real estate of the Abu Dhabi Investment Authority, and Andrew
Strang, former chairman of Threadneedle Property Investments.
6
REECH ADVAnTAGE
Reech CBRE, the joint venture between CB Richard Ellis and hedge
fund business Reech Aim, said it was launching a fund investing in REIT
securities. Managed by Martin Allen, former head of pan-European
property equity analysis at Morgan Stanley, the timing was notable given
that a number of real estate hedge funds had shut since the credit crunch.
7
PATROn’S HEALTHY START
Following a trend toward specialisation, London-based Patron
Capital decided it would launch a new business line targeting healthcare
properties. The firm hired Tim Street as a senior advisor to help it execute
its strategy. Street previously worked at Australia’s Macquarie Capital
Advisors as managing director, advising on healthcare deals.
8
HSBC’S SPInOuT
HSBC said it was spinning off HSBC Specialist Investments, its global
infrastructure and real estate private equity fund management business.
The bank revealed it would sell a majority stake but retain a 19.9 percent
holding in the unit, which manages some $4 billion of assets. The move
was seen as part of a strategy to focus on core activities but with one eye
on regulatory changes affecting the way banks can operate private equitystyle
units.
9
FunDRAISER GOES SOLO
Rachel Tan, the former head of capital-raising in Europe for
Australia’s Macquarie Capital Advisors, set up her own real estate funds
management platform. Tan left Macquarie in September 2009 but returned
to the market in 2010 with Tan-EU Capital, with offices in London and
Hong Kong.
10
ORF STICKS WITH APOLLO
Apollo Global Management made private equity real estate
veteran Roger Orf its European property head following the takeover of
Citi Property Investors (CPI). Orf, who was president and chief executive
officer at CPI, rekindled the professional relationship he had with Joseph
Azrack, who was global head of CPI until he left to join Apollo in 2008.
2010 AwArds & AnnuAl review | PERE 45