Douglas Doughty, global head of business development and client strategy at JP Morgan Asset Management (JPMAM) – Global Real Assets, has left the firm after two and a half years, PERE has learned. He is understood to have departed within the past month.
Doughty is the latest and most senior exit in the global real assets group’s capital raising and client relations team. According to people familiar with the matter, the company has identified an internal candidate to replace Doughty, but has not yet publicly announced the appointment.
Doughty first joined JPMAM, the asset management division of New York-based banking and financial services company JP Morgan Chase, in January 2014. Based in New York, he had reported to Joe Azelby, head of JPMAM’s global real assets division. During Doughty’s tenure, his team witnessed a significant amount of turnover, marked by the exits of a number of longtime executives. In September 2014, Amy Cummings, executive director of marketing and client service, left after nearly 15 years at the company, resurfacing at MetLife three months later as managing director of investor services. In June 2015, JD Sitton, client portfolio manager for the global real assets group, exited after 13.5 years and is now global head of business development at Cornerstone Real Estate Advisers.
More recent departures included Michael Duignan, executive director of marketing and client management and an 18-year company veteran, and managing director John Faust, who joined Cornerstone as managing director of business development last month after 3.5 years at JPMAM. Both executives left the company this year.
JPMAM, however, also has made a number of new recruits to the capital raising and client relations team over the past year. In April, JP Morgan announced the hire of former Forum Partners executive George Ahl in the newly created role of managing director and client portfolio manager, focused on capital raising and client advisory for the firm’s Americas real estate investment platform.
In August 2015, the firm named Alexia Gottschalch, previously global head of capital markets at Grosvenor Fund Management, as head of business development and client strategy in Americas real estate, also a newly creation position. Around the same time, JP Morgan also recruited Adam Pillay, formerly of CIM Group, as platform specialist for real estate in Asia Pacific.
Prior to joining JP Morgan, Doughty was managing director of institutional sales at CIM Group from May 2011 through December 2013 and was senior vice president of institutional sales at Rialto Capital Management from July 2009 to May 2011, according to his LinkedIn profile. He also had stints at M3 Capital Partners, Banc of America Securities and Arthur Andersen.
JP Morgan Asset Management – Global Real Assets, was founded in 1970 and currently has more than $88 billion in assets under management and more than 400 professionals in real estate, infrastructure and maritime investing across the Americas, Europe and Asia Pacific.
JPMAM declined to comment.