Sovereign Wealth Funds

Abu Dhabi Investment Authority chooses new global head of real estate

Tom Arnold was named global head of real estate at Abu Dhabi Investment Authority, a spokesman said.

Mr. Arnold, who is currently deputy global head of real estate and head of Americas, will replace Bill Schwab on June 1. Mr. Schwab is exploring other opportunities, the spokesman said.

The deputy global head of real estate portion of Mr. Arnold's current position will not be replaced, the spokesman said. However, ADIA plans to replace him in his role as head of Americas.

The spokesman declined to provide the size of ADIA's real estate assets. ADIA's total assets are estimated at $828 billion by the Sovereign Wealth Fund Institute.