EXCLUSIVE: Morgan Stanley AIP RE changes leadership

Both of the platform’s existing real estate co-heads are expected to depart by mid-2016.

Morgan Stanley Alternative Investment Partners (AIP), the multi-manager arm of the New York-based investment bank, has recruited a new co-head for its real estate business, Brian Schneider. In his new role, he will be responsible for sourcing, underwriting and closing real estate deals for the Americas. Schneider will report to John Wolak, head of AIP Private Equity.

Schneider most recently was a managing director at Medley Partners, the family office of Jim Simons, founder of New York-based hedge fund Renaissance Technologies. At Medley, he was responsible for overseeing the firm’s real estate and natural resources portfolios. Prior to Medley, he also managed real estate portfolios for the University of Pennsylvania and DuPont Capital Management. Before that, he worked as a senior portfolio manager at TRW Investment Management Company and as a senior investment analyst at MetLife.

Schneider joined AIP as a consultant in May, was made a full-time employee as a managing director in July and then appointed to the co-head position. His hire marks a major shake-up with the leadership at AIP’s real estate business, as both of the co-heads, David Boyle and Paul Vosper, are expected to leave by next June. PERE understands, however, that the transition between the new and existing co-heads will be an extended process. Boyle will work with Schneider until his departure in mid-2016, while Vosper will stay at the firm until the end of the year.

This is the second leadership change at MSAIP in the past three years. In March 2012, former chief investment officer Joseph Stecher abruptly left the business and was succeeded by Boyle, who took over the CIO role, and Vosper, who returned to AIP from RREEF to assume his former post as chief operating officer.

The leadership changes at AIP RE comes shortly after the platform closed on more than $500 million for its latest real estate secondaries fund, AIP Phoenix Global Real Estate Secondaries Fund II, in February. Morgan Stanley declined to comment, but PERE understands that the departures of Boyle and Vosper will not trigger a key man clause in the fund or other AIP real estate funds. The fund’s primary strategy is acquiring secondary interests in private equity real estate funds and making co-investments alongside fund managers.

AIP’s real estate business pursues opportunistic and value-add real estate investments, including primary fund investments, secondary fund investments, co-investments, general partner finance and manager incubation investments. It is one of the investment strategies of AIP, along with hedge funds, private equity and portfolio solutions. AIP has over $33 billion in assets under management and advisement and employs more than 200 professionals across offices in Philadelphia, New York, London and Hong Kong.