Money Management

UBS Asset Management hires new head of global real estate and private markets

Joseph "Joe" Azelby will join UBS Asset Management in New York as group managing director and head of real estate and private markets on March 11.

Mr. Azelby will report to Ulrich Koerner, president of UBS Asset Management and UBS Group EMEA, confirmed Sheryl Lee, a company spokeswoman.

In his new position, Mr. Azelby will oversee more than 550 employees who manage and administer $100 billion in real estate and private market assets in 14 countries.

Mr. Azelby replaces Thomas Wels who was appointed divisional vice chairman for UBS Asset Management, a new position.

"Joe brings extensive experience in establishing and growing global businesses. His appointment reflects our commitment to further expand our leading REPM franchise, with a clear focus on developing innovative products and delivering attractive returns for our clients," Mr. Koerner said in a UBS news release.

Previously, Mr. Azleby was senior partner and global head of real assets at Apollo Global Management. Charles Zehren, an Apollo spokesman, did not return a call seeking information about Mr. Azelby's replacement.

UBS Asset Management ran a total of $781 billion as of Dec. 31.