The chief executive of CBRE Global Investors (GI), Matt Khourie, is handing over the reins to Ritson Ferguson, currently the chief investment officer, the real estate investment management firm said on Tuesday.
Khourie had been chief executive of CBRE GI for six years and will become chief executive of subsidiary Trammell Crow, where he worked for 29 years.
Ritson Ferguson has been part of the global investment committee since 2011 and was named chief investment officer, a newly created role, in August. He will continue as chief executive of CBRE Clarion Securities, the company’s real estate securities platform, which he joined in 1991, according to an earlier statement from the firm.
“Ritson is the ideal successor for Matt,” said Bob Sulentic, CBRE’s chief executive, in a statement Tuesday. “He has outstanding investment acumen, experience running global strategies and producing great outcomes for our clients, as well as a deep understanding of the Global Investors business, including leading firm-wide investment strategy and execution as CIO.”
Khourie replaces Danny Queenan at Trammell Crow. Queenan will continue as chief operating officer of CBRE GI, a role he has held since August 2015, and will also continue to serve on Trammell Crow’s board of directors.
The CBRE GI handover comes less than a month after the firm said it started 2016 with $5 billion in dry powder. Last year, the firm invested $11.5 billion globally last year and sold assets for $9.6 billion. Ferguson told PERE at the time that CBRE GI has a positive outlook on investments for 2016.
“We collectively still believe the global economy will grow and the US will be in growth mode, but one needs to be cognizant that this isn’t an accelerating growth cycle,” he said in February.
CBRE GI had $89 billion in assets under management as of December 31.