Joe Munoz is the new chief investment officer of LaSalle Investment Management's flagship U.S. value-added funds, LaSalle Income & Growth Funds, replacing Jim Hutchinson, president and now chairman of the fund series, said Matt Schuler, LaSalle spokesman in an email.
Mr. Hutchinson does not plan to retire until 2020 to ensure a smooth transition, Mr. Schuler said.
"Succession planning is very important at LaSalle, as it provides continuity of client service and overall stability within the business," he stated.
Mr. Munoz will take on primary responsibility for strategy and day-to-day operations of new value-added funds. Mr. Munoz was an investment officer for LaSalle's last three value-added funds. The last fund in the series was the $511 million LaSalle Income & Growth Fund VII in November 2017. The fund is 77% invested.
LaSalle has about $58 billion in real estate assets under management.
