MONEY MANAGEMENT

Clarion Partners appoints new CEO as part of succession plan

David Gilbert was named CEO at Clarion Partners, effective May 1, said Michelle Levy, chief operating officer of the firm’s client capital managing group.

Mr. Gilbert is currently the firm’s president and chief investment officer, and will retain those titles.

Current CEO Stephen J. Furnary will continue to serve as chairman of the firm’s executive board and board of directors. He will also continue to serve on the firm’s investment committee. Ms. Levy said Mr. Gilbert’s new title was part of a planned succession.

Clarion Partners has $44 billion in real estate assets under management.