LaSalle hires Heitman portfolio manager – Exclusive

Steven Lieb is joining the Chicago-based firm’s US custom accounts business next week.

LaSalle Investment Management is tapping a longtime Heitman portfolio manager for the same role in LaSalle’s US custom accounts business, PERE has learned.

Steven Lieb will start at Chicago-based LaSalle’s headquarters on September 25 and report to the head of US custom accounts, Karen Brennan. Lieb is understood to be taking over the role from an unnamed, retiring portfolio manager. In his new position, he is tasked with managing portfolios for separate account clients across property types throughout the US.

LaSalle, which manages $59 billion overall, formed its custom account business in 2014, naming Brennan – then LaSalle’s head of Americas strategic partnerships – as its leader. The platform now oversees $7.5 billion of assets. According to PERE data, its clients include the Massachusetts Pension Reserves Investment Management Board, German pension Bayerische Ärzteversorgung. Additionally, Alaska Permanent Fund gave the firm a £250 million mandate for UK real estate in 2014, according to a statement at the time.

Lieb spent the last 11 years at Chicago-based Heitman, where he was most recently a senior portfolio manager within that firm’s separate accounts business, according to his LinkedIn profile. A spokeswoman for Heitman, which manages $39 billion, declined to comment on Lieb’s departure.

Before Heitman, he worked as a portfolio manager at Equity Office Properties, where he oversaw the Chicago-based company’s portfolio in southern California, New York, Seattle and Atlanta.

US public pension plans, one of the institutional client types within LaSalle’s custom accounts group, have held steady on commitments to real estate separate accounts. In the first half of the year, public pensions earmarked 35 percent of their real estate commitments to separate accounts, compared with 34 percent in H1 2016, according to data from Chicago-based advisory firm FPL Consulting. Public pensions committed an average of $171 million to the investment structure in H1 2017.