Mark Albertson, executive director of Morgan Stanley Real Estate, is the new head of the firm's $4.5 billion Prime Property Fund, replacing Joe Thomas. Mr. Thomas, former managing director and head of the fund, is leaving the firm to "pursue other opportunities," said Alyson D'Ambrisi, vice president and spokeswoman of Morgan Stanley's investment banking division. Mr. Albertson was head of investment strategy/research for Morgan Stanley Real Estate's U.S. investing group. No other information was available at press time.
Richard Clarida was named executive vice president and global strategic adviser at PIMCO, confirmed spokesman Mark Porterfield. Mr. Clarida, who will be based in New York, was chief economic strategist at Clinton Group Investment Advisors. He was assistant U.S. Treasury secretary from 2001-2003 and former chairman of the Columbia University economics department. PIMCO also named Edward Devlin as senior vice president and Canadian portfolio manager. He will be based in Newport Beach, Calif. Mr. Devlin was executive director of structured credit trading-repackaging at Lehman Brothers' London office, where he developed products to capitalize on global relative value in the credit markets. Messrs. Clarida and Devlin both hold new positions, and they will report to Bill Powers, PIMCO managing director, senior portfolio manager and investment committee member. Separately, Paul Harrison was appointed vice president, business development for PIMCO's U.K. business development team in London, confirmed spokeswoman Emma Oakman. It is a new position. He will report to Paul Craven, head of U.K. business development. Mr. Harrison has been at PIMCO since 2000 and was head of business development for PIMCO Australia.
Brian Fehrenbach was hired as head of fixed-income derivatives at UBS Global Asset Management, said Peter Casey, spokesman. It is a new position. Mr. Fehrenbach will be responsible for valuing, researching and trading fixed-income derivatives. He was a managing director in Bank of America's global strategy trading unit. Eloise Hale, a BofA spokeswoman, did not return calls by press time seeking information about his replacement.