UBS Asset Management's is making management changes in its real estate business, promoting Matt Johnson, managing director, to head of its U.S. real estate business, and Rod Chu, managing director, to head of transactions for its U.S. real estate business, spokeswoman Sheryl Lee said.
Sources close to the situation said these promotions are part of a reorganization of the UBS real estate business' management teams in the U.S. and Europe. The real estate business is part of UBS' real estate and private markets unit, which is led by Joe Azelby, who joined UBS last year.
Mr. Johnson replaces Matt Lynch, managing director and head of U.S. real estate, and Mr. Chu, currently a senior portfolio for the real estate income strategy, replaces Jack Connelly, head of transactions, U.S. real estate, sources said. Messrs. Lynch and Connelly left the firm to pursue other opportunities.
Mr. Chu will continue to manage UBS' real estate income strategy along with Chris Clayton, who has been portfolio manager of the strategy since 2005. UBS executives expect to appoint a replacement for Mr. Chu in the very near term, the sources said.
Mr. Johnson will be responsible for executing the regional strategy, investing and managing real estate and engaging with clients across the U.S. Based in Chicago, he will report to Mr. Azelby.
David Kozlicki, who leads multimanagers real estate fund investments in the U.S., will succeed Mr. Johnson as head of multimanagers real estate for the Americas. Mr. Kozlicki reports to Eric Byrne, head of multimanagers globally.
Separately, Patrick O'Sullivan, managing director and currently chief operating officer of UBS real estate and private markets, will assume the role of head of business development, the sources said. Reto Ketterer, managing director and currently head of real estate, Europe ex-Switzerland, will assume the COO role.
Jonathan Hollick, executive director and chief investment officer of UBS' real estate business for Europe, the Middle East and Africa ex-Switzerland, is assuming Mr. Ketterer's responsibilities as head of real estate for Europe (ex-Germany, Austria and Switzerland). Mr. Hollick was promoted in September to the then-new CIO position, reporting to Mr. Ketterer. Mr. Hollick will also join the real estate and private markets management committee.
In addition, Daniel Bruellmann, managing director and head of real estate Switzerland, is taking over the leadership of UBS' German real estate business. The newly combined real estate business will be referred to as RE-DACH (Germany, Austria, Switzerland), the sources said.
All changes were effective Monday.