Roeloffs to leave RREEF

The global chief investment officer of RREEF Real Estate, whose career at the firm spans 21 years, is retiring from the business at the end of the year.

Kurt Roeloffs, the global chief investment officer of RREEF Real Estate and a 21-year veteran of the firm, is leaving at the end of the year.

In a brief statement, RREEF said Roeloffs would retire. “Kurt will remain with RREEF Real Estate until the end of the year to ensure a smooth transition of responsibilities,” read the statement, which did not hold any additional information.

Roeloffs’ decision to leave brings the curtain down on a long career at RREEF. He began his career in property at Trammell Crow before joining Bankers Trust in 1989 in its real estate investment banking group, where he was a managing director. One year later, he became part of Deutsche Bank when the German financial institution took over Bankers Trust in a $10 billion deal. In 2002, Deutsche Bank acquired Chicago-based RREEF for $490 million.

During his career, Roeloffs has served in various capacities. He was chief executive officer of Asia-Pacific from 2006 to 2009. Prior to that, he was regional head of global opportunistic investments for Asia-Pacific between 1997 and 2006 and for the Americas between 2003 and 2006.

Deutsche Bank would not be drawn on whether Roeloffs’ decision to leave was in any way connected to corporate changes taking place. In September, the bank announced it would keep RREEF in a newly integrated Asset & Wealth Management (AWM) division. That decision came nine months after the bank explored a sale of RREEF and nearly found a match in Chicago-based Guggenheim Partners, which ultimately decided to walk away after engaging in exclusive talks.

Roeloffs’ is not the only senior departure from RREEF in recent months. In July, it was announced that David Brush, a 20-year veteran of RREEF and Deutsche Bank, had left to join Brookfield Asset Management. He was chairman of RREEF’s global opportunistic real estate business.