Joseph K. Azelby, managing director and CEO of global real assets at J.P. Morgan Asset Management, will retire in early 2017 after more than three decades with the firm, according to an internal memo obtained by Pensions & Investments.
Kristen Chambers, JPMAM spokeswoman, confirmed Mr. Azelby's intention to retire but declined further comment.
Going forward, the real assets unit will be led by Anton Pil and Chris Hayward, both managing partners in J.P. Morgan's global alternatives business, the memo stated.
J.P. Morgan Asset Management's real estate, maritime and transportation, and infrastructure businesses will report to Mr. Pil. JPMAM's global business management and product development, client portfolio management, OMNI real asset allocation modeling tool and tactical direct investment business will report to Mr. Hayward.
“Joe's long-term strategic vision for the (global real assets) platform has helped it grow into one of the industry's most comprehensive and most well-respected real estate, infrastructure and maritime asset management platforms,” the memo stated.