Michael Levy, a longtime executive at New York-based investment bank Morgan Stanley, will be joining Crow Holdings’ senior leadership team, Crow said Monday.
The former Morgan Stanley Investment Management (MSIM) chief operating officer is joining the Dallas-based firm on November 7. A spokesman for Crow Holdings said certain members of the senior leadership team do not have specific titles.
Levy’s responsibilities will include “business development, investment strategy and broader initiatives,” according to Monday’s statement. The spokesman declined to elaborate further on Levy’s new role. Harlan Crow, Crow Holding’s chief executive and chairman, said in the statement that Levy’s appointment was “a key milestone” in the firm’s succession planning.
Levy joined Morgan Stanley in 1998, according to his LinkedIn profile. His previous positions at the firm included COO, chief financial officer and head of traditional asset management for its Morgan Stanley Real Estate Investing platform. He also served as co-head of its real estate investment banking group. A spokeswoman for Morgan Stanley declined to comment, but PERE understands that John Hagarty, a longtime MSIM consultant, took Levy’s place.
“I have admired the Crow organization and professionals throughout my career and am excited and humbled by the opportunity to join this incredible organization,” Levy said in Monday’s statement.
Crow Holdings’ businesses include Trammell Crow Residential and Industrial, operating businesses that have over $4 billion of property under development, and Crow Holdings Capital, which manages over $10 billion of real estate funds for institutional investors. The firm launched its latest fund, Crow Holdings Realty Partners VII, in December 2014 and closed it a year later on $1.85 billion, according to the firm’s website. Crow had closed 76 deals for the fund as of September 30, according to the spokesman.