JP Morgan Asset Management is to expand its presence in Europe through the opening of new offices in Frankfurt and Paris.
The firm said the offices were opened in order to manage its existing assets in Germany and France as well as to boost its ability to source further acquisitions. It previously operated from offices in London and Luxembourg.
In a Blueprint interview with PERE last year, JP Morgan’s head of real estate for Peter Reilly said he was keen to relocate individuals from its 35 headcount in its London office to the continent.
“We are at that level where we can think about opening offices elsewhere,” he said. The first to relocate are Michael Ramm, co-head of acquisitions for Europe, who will man the Frankfurt office and Jean-Philippe Vergnol, who will work from its Paris office.
Following the relocations, Reilly said “Locating teams in the ground in important markets like Paris and Frankfurt, means we are bale to continue to serve our local clients well, manage our growing assets more closely and continue to expand in the region. We see Paris and Frankfurt as vey important markets for us to continue actively seeking investments across the risk spectrum for separate account clients and investment strategies.”
JP Morgan Asset Management manages €3.5 billion of real estate in Europe but $44.6 billion across real estate and infrastructure globally. The firm operates one opportunity real estate fund in Europe which has more than €200 million in capital commitments.