Paul Marcuse is leaving UBS after almost six years as the Swiss investment bank’s head of global real estate and will be replaced by current chief operating officer Thomas Wels.
Marcuse was responsible for UBS’ circa $63bn in global real estate assets under management, invested on behalf of around 1,200 clients worldwidee. Of this total, more than $23bn is invested in Europe, with additiaonal capital invested through UBS’ indirect business.
“It has been a privilege to lead UBS Global AM’s Global Real Estate business for nearly six years,” said Marcuse. “I would like to thank clients, industry partners and colleagues alike for their support during my time at UBS,” he added.
Wels, who has been with the firm since 2005 and has been a member of the executive committee since 2007, succeeds Marcuse on 1 December 2012.
John Fraser, chairman and chief executive officer of UBS Global Asset Management, said: “Paul has done a great job in bringing together our diverse real estate businesses under a global structure and has cemented our healthy industry position as a leading real estate investment manager, despite the financial crisis and its aftermath.”
This summer, Marcuse told Europe Real Estate that UBS was “currently working to develop debt strategies in the UK and continental Europe… because everybody recognises that, particularly in the UK and continental Europe, there is going to be a big demand as banks retrench”.
Marcuse’s successor Wels is credited with having successfully led the integration and further expansion of the firm’s global fund services business.
Fraser said: “Thomas’s strong leadership and entrepreneurial skills make him well-qualified to drive the growth of our real estate business.”
UBS AM’s chief financial officer Paresh Sodha will assume the additional role of acting chief operating officer.