Swiss bank UBS has recruited Damien Smith, a principal at advisory and investment firm Townsend Group, as the head of real estate for its wealth management division, PERE can reveal.
Smith left Townsend last month after seven years at the firm and is expected to assume his new role at UBS before the summer.
Neither Smith, nor the bank would comment on the hire and what it means in terms of the real estate strategy of the wealth management division.
But it is understood Smith will be based at its London office from where it manages more than £31.7 billion (€37.3 billion; $39.6 billion) in the UK on behalf of “individuals, families, entrepreneurs and executives,” according to its marketing.
At Townsend, he sat on the firm's investment committee and led its portfolio management strategies across Europe for its international institutional clients outside of the US.
His responsibilities have passed to Townsend’s approximately 10-strong European team, including long-serving principal Adam Calman.