Cornerstone Real Estate Advisers has made two new senior appointments in the US and Europe as it continues to build out its global investment business. Joy Winterfield has been named managing director of global portfolio management, and a member of the firm’s global executive team. Meanwhile, Albert Yang will assume the role of managing director and head of business development in Europe. Both are newly created positions. Winterfield, who starts on September 14, will be based in Chicago, while Yang, who joins on September 1, will be based in London.
Winterfield's 25-year career most recently included eight years at Allstate Investments, which makes investments on behalf of Allstate Corporation’s insurance and pension entities. At Allstate, she served as director of global private equity real estate, as part of the real estate equity group led by Edgar Alvarado. In that role, she led Allstate’s investment and portfolio management activities for private equity real estate funds and co-investments. Prior to joining Allstate in 2007, she was in charge of all private investing for the Illinois State Board of Investment, and earlier in her career, for the private office of O'Connor Partners in Chicago.
Yang, meanwhile, worked for four years at JP Morgan Asset Management, where he acted as executive director of global real assets, responsible for capital raising, investor relations and business development for real estate institutional investors in Europe, the Middle East and Africa. During his 14-year career in European real estate asset management, he has also held positions at Henderson Global Investors, Schroder Property Investment Management and Deutsche Property Asset Management.
“We are thrilled to welcome these talented and respected investment professionals to our management team as we remain focused on the deliberate execution of our global expansion plan,” said Scott Brown, global president and chief executive of Cornerstone.
“I am confident that Joy will be a fantastic addition to the global executive team and we look forward to leveraging her deep market insights to add to the continuous process of building conviction around our global investment strategies and portfolio management activities,” added Brown. “Further, Albert will bring to bear his many years of experience working with pan-European investors as we continue to deliver attractive core and value-add investment opportunities across Europe to our increasingly international client base.”
Cornerstone has been on a hiring spree as of late. In June, the Hartford, Connecticut-based firm tapped another JP Morgan executive, JD Sitton, to become its new head of global business development, and plucked Jorge Duarte from AXA Real Estate to assume the role of director of fund management in Europe. In May, the company also hired The Carlyle Group’s Valeria Falcone, as its new country head of Italy, to coincide with the opening of its Italian office in Milan.
Cornerstone, which focuses on core and value-added real estate investments, currently manages nearly $50 billion of assets across offices in the US, UK, Europe and Asia.