AllianceBernstein has hired Paul Vosper, most recently global chief operations officer for Morgan Stanley’s real estate fund of funds business.
Vosper is joining the asset manager and research firm in London as a member of the investment committee, the firm said.
The appointment comes as AllianceBernstein prepares to raise an opportunistic real estate fund later this year. He joins Brahm Cramer, previously co-head of the Goldman Sachs’ Real Estate Principal Investment Area, and Jay Nydick, the former president of iStar Financial, the US commercial real estate company.
In a statement accompanying news of the hiring, AllianceBernstein said it saw “widespread opportunities in many real-estate markets” as the economic and capital-market downturn had “undermined valuations for a multitude of properties”.
As well as being global fund of funds chief operation officer at Morgan Stanley’s fund of funds business, Vosper was also head of client relations for clients outside of North America.
Nydick said of the Vosper hire that the firm had taken on a man accredited with building real estate businesses in multiple products and jurisdictions.
AllianceBernstein expects to have an opportunistic, US-focussed real estate offering for its high-net-worth and institutional clients by third quarter 2010, complementing the firm's research and investment platforms in fixed-income and growth and value equities.
The firm had $447 billion of assets under management, as of 30 June last year.