Reshuffle at Morgan Stanley AIP after senior departure

Carolijn ter Haar has left Morgan Stanley Alternative Investment Partners for personal reasons, prompting fellow portfolio manager David Boyle to move to London. Joseph Stecher continues to lead the team from New York.

Morgan Stanley Alternative Investment Partners portfolio manager Carolijn ter Haar has left the real estate multi-manager for personal reasons, PERE has learned.

Ter Haar will be replaced by fellow portfolio manager David Boyle, who will relocate from New York to London in early summer, according to an internal memo seen by PERE. A Morgan Stanley spokeswoman confirmed the memo but declined to comment further.

Ter Haar and Boyle both joined Morgan Stanley AIP Real Estate in January 2009 as the firm looked to further build its investment capabilities across Europe and Asia. Ter Haar, previously senior fund manager at European asset manager Mn Services managing listed and private real estate portfolios, does not currently have another job, sources said.

Morgan Stanley is not expected to hire another senior portfolio manager to replace Boyle in New York, with Jacques Chappuis, head of AIP, and Joseph Stecher, head of AIP Real Estate and chief investment officer, saying in the memo that the group would look to hire a “combination of investment professionals”, believed to be more junior positions. Stecher will continue to lead the team from New York, the memo added.

“Given David’s and Joseph’s extensive experience investing in real estate globally and our plans to add resources to the investment team in New York, we anticipate a smooth transition of responsibilities and are confident that our clients will continue to be extremely well-served,” the memo said. “Please join us in thanking Carolijn for her contributions to AIP and wishing her well in her future endeavours, and congratulating David on his move to London.”

In March 2010, Morgan Stanley AIP Real Estate raised $370 million for its Phoenix Global Real Estate Secondaries fund, 30 percent over target. The vehicle is currently one-third invested, people familiar with the matter said.