ING Clarion has promoted David Gilbert to chief investment officer in charge of the firm’s acquisition and investment research operations following the departure of Jeffrey Barclay.
Prior to joining ING in 2007 as managing director and portfolio manager, Gilbert was a managing partner at JP Morgan’s private equity real estate arm, JP Morgan Partners, for 10 years and co-chairman of the bank’s global opportunity vehicle, the Peabody Funds.
As head of acquisitions, Gilbert will oversee all news investments made for clients, and will also sit on ING Clarion’s executive board and investment committee. The role is effective immediately.
After 17 years with ING Clarion, Barclay is leaving the New York-based firm to lead Goldman Sachs’ venture into core real estate, which will focus primarily on the US. He is expected to start at the bank at the start of November.
Eric Lane, co-chief operating officer of Goldman Sachs’ investment management division, said in a statement announcing Barclay’s appointment that there were “attractive opportunities in core and core-plus real estate over the near to medium term”. Goldman is set to start investing in the sector on behalf of its institutional and high-net-worth clients.
ING Group is in the process of selling its global real estate investment management business. The Dutch insurance group announced last October it would exit the property business by 2014 at the latest, after coming under political pressure to concentrate on core businesses following a €10 billion European Union bailout.
In June, ING hired Morgan Stanley to start the sales process, with initial bids due mid-September. Morgan Stanley has been charged with selling ING REIM intact, however industry professionals familiar with the sales process told PERE that ING could likely end up selling its regional arms, including New York-based ING Clarion, ING REIM Europe and ING REIM Asia, separately. Sources added that final bids for ING REIM are due at the end of November.