London-based Grosvenor’s US fund management division has appointed joint chief executive officers to succeed its long-standing head Doug Callantine who has decided to leave the company.
Andrew Galbraith and Alexia Gottschalch will take over at the helm of Grosvenor Fund Management in the US, where it currently manages $1.17 billion of the $6.17 billion of real estate managed by the division globally. The switch takes place on Monday.
In his new role Galbraith will be responsible for the joint management of Grosvenor Fund Management’s US business and will also act as head of investments for the region. Another of the company’s long-serving staff, he has worked for the firm in both the UK and the US previously.
Gottschalch, meanwhile, will be responsible for the joint management of the division but will also act as head of its capital markets and client service team. She joined the firm in April this year from Philadelphia-based Cheswold/Independence Capital Partners where she was a managing director of marketing and investor relations. She also used to work for Pramerica Real Estate Investors, part of Prudential, in Europe.
Jeffrey Weingarten, chief executive of Grosvenor Fund Management globally, said of the appointments: “Their executive experience complements that of the rest of our team in Philadelphia and will sit well with our leadership team in other regions where, too, we have been strengthening our resource to match our ambitions.”
Grosvenor Fund Management invests and manages assets predominantly on behalf of separate accounts although the division does manage three funds also.
These include Grosvenor Residential Investment Partners which was established in 2007 and raised with $100 million of capital to invest in a portfolio of debt and mezzanine debt investments. It also manages the Shmael Fund, a Shariah-compliant core-plus and value-added fund which was established in 2005 and attracted $85 million from investors.
Its most recent fund has Middle East ties too. Last month, the firm announced it had formed a vehicle with Islamic bank Kuwait Finance House to invest up to $600 million in US healthcare-related real estate.