AXA hires ex-Grove partner Dallolio for Europe role

AXA Real Estate Investment Managers has hired former Grove partner Riccardo Dallolio to be its European head of transactions. The announcement comes shortly after PERE revealed that Grove is to refocus its resources from Europe and Asia to the US.

AXA Real Estate Investment Managers, the real estate investment management division of French insurance giant AXA, has appointed Riccardo Dallolio as European head of transactions.

Dallolio joins AXA following six years at Grove International Partners, the private equity real estate firm led by ex-Goldman Sachs Real Estate Principal Investments Area European head, Richard Georgi.

Grove, which raised more than $5 billion of capital since its inception in 2004, recently shifted its investing strategy from Europe and Asia to focus on the US, as revealed by PERE last week.  As part of that shift, the firm is looking to redeploy staff to its New York office which is expected to lead to some staff leaving.

At AXA, Dallolio will be charged with sourcing and securing large pan-European transactions. He will be responsible for co-ordinating all transactional activity in Europe. He will be based in London and report to Anne Kavanagh, global head of AXA’s property services group.

Prior to his time at Grove, where he ultimately became a partner, Dallolio worked at JP Morgan Investment Banking and JP Morgan Partners Real Estate Group.

AXA's Kavanagh said: “As our transactional activity continues to support our clients’ strategies, Riccardo will work closely with each of the local specialist teams across Europe to ensure that we maintain a coordinated and disciplined approach.”

AXA Real Estate Investment Managers currently managed more than €40 billion as at June 2011 and last year transacted €2.7 billion last year. The firm said it expected to transact more in 2011 as its half-year total had already passed the €2.13 billion mark.