Joseph Stecher, chief investment officer of the real estate fund of funds business at Morgan Stanley Alternative Investment Partners (AIP), has left the firm. A Morgan Stanley spokesman confirmed that Stecher resigned from his post on Monday to pursue other opportunities, but declined further comment.
Additional details surrounding Stecher’s departure were unavailable at press time. Other members of Morgan Stanley AIP’s real estate fund of funds team, including executive director and portfolio manager David Boyle and portfolio specialist Maryellen Fazzino, remain at the firm.
Stecher joined Morgan Stanley AIP in New York in 2008 and helped to launch the firm’s real estate fund of funds business. Throughout his time at the firm, he was responsible for overseeing that business, which included the Morgan Stanley AIP Falconer fund of funds and the Morgan Stanley AIP Phoenix Global Real Estate Secondaries fund, which closed on $370 million in commitments in 2010 and exceeded its initial target of $250 million.
PERE understands that London-based Boyle has succeeded Stecher as chief investment officer, effective immediately. Additionally, Paul Vosper, who previously served as chief operating officer of the business, will be returning to the firm in the coming weeks to assume his former post. Together, the pair will co-head the real estate fund of funds group. Vosper most recently was head of client relations for Europe and the Middle East for RREEF, the real estate investment management business of Deutsche Bank's Asset Management division.
Prior to joining Morgan Stanley, Stecher worked as a managing director at Goldman Sachs, where he oversaw a global programme of real estate fund of funds and separate accounts for institutions and high-net-worth individuals. Before Goldman, he worked for 15 years at General Motors Asset Management, managing $1.5 billion in direct and indirect private equity real estate and committing more than $5 billion to real estate in general.
Morgan Stanley AIP, which is part of Morgan Stanley Investment Management, focuses on investments in hedge funds, private equity, real estate and diversified alternatives.