Advanced Capital hires Merrill Lynch exec

John Herbert, a former managing director of Merrill Lynch’s European property and hotel group, has joined the Italian firm as senior advisor of its €300m fund of funds.

Advanced Capital has hired former Merrill Lynch executive John Herbert as a senior advisor to its €300 million fund of funds, AC Real Estate Global Opportunity Fund.

In January, the Milan-based firm recruited ex-UBS managing director Seth Lieberman to lead the funds of funds platform as chief investment officer.

Herbert was previously managing director and head of Merrill Lynch’s European property and hotels group for two years until 2007. Prior to this he was with Citigroup for almost a decade.

Advanced Capital is an alternative investment company which invests in private equity, real estate, credit markets, and art. It was the first investment company in Southern Europe to introduce an international private equity fund of funds, and launched its first real estate funds of funds operation last November.

Advanced has also opened an office in London. Advanced is using the Italian investment bank Mediobanca as placement agent, according to a statement.