Grosvenor appoints Goldman Sachs veteran as fund management head

Jeffrey Weingarten, a former chief investment officer of Goldman Sachs Asset Management International, is to become chief executive of Grosvenor Fund Management.

Grosvenor, the London-based real estate investment and fund management company, has appointed Jeffrey Weingartern as chief executive of Grosvenor Fund Management, as it gears up for the next stage of expansion.

The former chief investment officer of Goldman Sachs Asset Management, who has been non-executive chairman of the fund management arm of Grosvenor since September last year, will take up the position from 17 March. He replaces Stuart Beevor, the chief architect of Grosvenor’s fund management business, which was established in 2005.

As well as appointing Weingartern, Grosvenor has elevated two senior professionals in its continental Europe fund management arm.

James Raynor, currently a director of the business, has been appointed to the new role of chief investment officer. Robert Davis, currently finance director, will become chief operations officer.  Raynor and Davis will continue to lead the continental European team and finance team respectively, said Grosvenor in a statement.

Weingarten is a Goldman Sachs veteran having first joined the investment bank in 1977 in its research division in New York. In 1987 he became director of research in London. Then from 1991 to 1995 he was made chief investment officer and managing director of Goldman Sachs Asset Management International, before returning to international equity research group as global strategist. He finally left Goldman Sachs in 1998 to become general partner and chief investment officer of Buttonwood Capital Partners.

In his new role at Grosvenor Fund Management will set strategic direction for its global expansion as it prepares to launch five new funds covering property markets in London, Washington D.C., Japan, Continental Europe and the US. 

The role of chairman will be resumed by Mark Preston, group chief executive of the company.

Preston said of the appointment: “Jeffrey Weingarten has unrivalled experience of the international fund management industry.” He also paid tribute to the outgoing Beevor for developing the fund management group.

Weingarten said: “This is a great opportunity to help develop a business and create value for investors, shareholders and staff. “

The firm hired Morgan Laughlin from Royal Bank of Scotland as head of its Asian operation in January, and has refinanced its largest fund – the Grosvenor Liverpool Fund.

As at 31 December 2009, it has £3.6bn (€4.3 billion; $5.7 billion) of assets under management, 70 investors, and 24 funds and separate account mandates.