Money Management

DWS Group names successor for head of real estate Europe

Clemens Schaefer was named head of real estate, Europe at DWS Group, effective July 1, a spokeswoman said.

Mr. Schaefer will replace Georg Allendorf. Mr. Allendorf will serve as a board member for DWS real estate after his departure at the end of June.

"I would like to thank (Mr. Allendorf) for his many contributions to our European real estate business over the years and am pleased that he will remain an active member of the alternatives platform through his supervisory board positions in Germany beyond June 30," said Pierre Cherki, head of alternatives and co-head of the investment group, in a news release.

Mr. Schaefer has been chief investment officer and head of portfolio management for European real estate at DWS since 2016. He will continue fulfilling both roles. The spokeswoman said "there will be no imminent replacement."

DWS had €28.4 billion ($32.5 billion) in European real estate as of Dec. 31.