Karen Brennan, managing director and head of Americas custom accounts of LaSalle Investment Management, is being promoted to CEO for Europe starting June 30, taking over for Simon Marrison, who will assume the new role of chairman for Europe, said Jeff Jacobson, global CEO.
"Succession planning at any organization, particularly a large organization that has been around for a while and has been successful, is very important," Mr. Jacobson said. "We have the obligation to have the right people in the right roles, so that the firm ... can continue to grow for the next 20 years."
In her new position, Ms. Brennan will lead LaSalle's $22 billion European business, its largest by assets under management. She will also join LaSalle's nine-person global management committee. LaSalle Investment Management has $60 billion in assets under management.
"I'm very excited, very honored to have been selected for the role," Ms. Brennan said.
She said that it is premature to talk about strategy because she does not take on the new position until June.
"I'm looking forward to the new challenge," Ms. Brennan said, adding that she had worked with members of the European team over the years.
She said she will initially spend time with the team in Europe "digging into the markets and the investment landscape."
Ms. Brennan was identified early on as someone with "very high potential," Mr. Jacobson said.
During her tenure as head of custom accounts in the Americas, Ms. Brennan was responsible for increasing its AUM by about 30% to nearly $10 billion.
Ms. Brennan joined LaSalle in 1999. She was portfolio manager for LaSalle's Asia Opportunity funds based in LaSalle's Singapore and Hong Kong offices from 2008 to 2012. She will be relocating to LaSalle's London office from Chicago.
Mr. Marrison has committed to staying in the chairman role for at least six months. He joined LaSalle in 2001 and during his tenure expanded LaSalle's European business including launching its continental European separate accounts as well as its debt and special situations businesses. During that time, LaSalle's European business has grown to $22 billion from $10 billion.