Real estate investment management firm LaSalle Investment Management has hired former CBRE Global Investors executive Stuart Sziklas as head of US custom accounts, a division that manages $10 billion in separately managed accounts.
Sziklas, who will start at the firm on September 3, will report to Americas chief executive Jason Kern and sit on the advisory board and investment committee for the region. The position was previously held by Karen Brennan, who was promoted to chief executive of Europe in March.
Sziklas will have frequent direct contact with separate account clients and will be managing the business by growing the existing accounts and considering new accounts. LaSalle strives for each custom account to exceed $1 billion in assets for the sake of diversification and efficiency, according to Kern.
LaSalle considered more than 100 candidates for the position before selecting Sziklas, according to Kern. Sziklas was offered the position because of his depth of real estate experience across the risk spectrum, various property types and geographies, Kern said. Prior to joining LaSalle, Sziklas served as senior managing director and portfolio manager at CBRE GI, overseeing large separate account mandates that had a total value of $3.5 billion. He also worked in the asset management group of Boston-based real estate investment firm Beacon Capital Partners, as a portfolio manager for CBRE New England and as a director of property management for Aetna’s corporate real estate group.
“Stu has done literally everything you can do in the commercial real estate space,” Kern said.
Sziklas, who has more than 20 years of experience in real estate, will manage the portfolio managers that oversee office, retail, multifamily and industrial assets across the risk spectrum in the US. As LaSalle puts an increased focus on incorporating data and technology into the business, Kern hopes that Sziklas can give some insight into the latest strategies used by competitors and peers in the market.
LaSalle’s US custom accounts business holds approximately $10 billion in assets under management across eight accounts. This makes up approximately half of the $20.3 billion that the firm has in total assets under management in the US. LaSalle’s custom accounts are separate account investment vehicles managed on behalf of some of the largest domestic and international institutional investors. Investors can customize these SMAs, selecting the property types, investment size, geography, risk profile, leverage and level of investor control.