After stints at two other European investment banks, Maitland Bruce is joining North Carolina-based financial services group Wachovia as the bank looks to build up its team in Europe.
Since 2006, Bruce has been a managing director at Eurohypo, owned by Germany-based Commerzbank. He left the firm earlier this year amid a report of several high-profile departures from the bank, reportedly part of an internal reorganization designed to make parent Commerzbank a “one-stop real estate shop.”
Prior to Eurohypo, Bruce held senior positions with Hypo Real Estate and UBS.
Now, Bruce has joined the London office of Wachovia as a managing director and head of structured finance. His role will encompass the supervision of structuring, execution, and distribution of all real estate principal banking products in Europe, reportedly to originate equity and mezzanine investments for the bank. Bruce will be reporting to Bill Green, managing director and head of real estate capital markets.
“Maitland brings more than 15 years experience of investment banking and real estate experience to our platform,” Green said in a recent statement. “His combined experience, client relationships and established success at growing new businesses will be tremendous assets as we continue to build out our European real estate capital markets practice.”
His hire and other real estate banking additions at the bank in Europe are part of a drive to step up the fixed income business at Wachovia since Atul Bajpal took over as European chief executive and head of fixed income in June 2006.
The bank has opened five offices in Germany to help boost the origination of commercial mortgages. To staff the drive into real estate, the bank has also hired a team of at least five European real estate bankers from ABN Amro, led by Doug Tiesi, who was formerly the head of structured real estate at the Dutch banking group.
Wachovia is one of the largest diversified financial services companies in the US with 3,400 outlets and 40 international offices. In the final quarter of the year, it is expected to complete the acquisition of A.G. Edwards, which operates 741 offices in the US, one in London and one in Geneva.
UBS hires Sloan from AXA REIM
Roddy Sloan, global head of business strategy with AXA Real Estate Investment Managers (REIM), has joined UBS Global Asset Management's global real estate business. In his new post, Sloan becomes global head of real estate fund of funds and securities. Based in London, he will lead the firm's global fund of funds initiative and supervise the existing securities business, which will continue to be co-headed by Bruce Ebnother and Laurent Wunderli. He will report to Paul Marcuse, who also recently left AXA REIM.
Morrell heads up HSBC fund selection team
HSBC Investments' multi-manager division has been expanded to incorporate a dedicated team of seven property fund selection experts headed by Guy Morrell. The group has transferred from HSBC Specialist Investments, the bank's dedicated property and infrastructure investment arm. The team will research funds investing in real estate assets, as well as listed property securities. Morrell will report to Joanna Munro, the global chief investment officer at HSBC Investments. In addition to being responsible for international property fund selection, the team will also develop specialist property mandates and funds of funds.
Residential fund hires Coutts private banker
Worldwide Private Residences Management, which has teamed with London-based PURE International Property Limited to launch a property and residential fund, Pure Worldwide Private Residences, has appointed Mark Jankovich as its chief executive officer. A native of South Africa, Jankovich was previously a senior client partner at Coutts and Company, the international private banking arm of The Royal Bank of Scotland Group. Pure Worldwide Private Residences Fund is a £51 million ($104 million; €76 million) high-end residential property fund that is backed by Blue Sky Capital.
Multi Development hires UK portfolio head
Multi Development, a European developer backed by Morgan Stanley Real Estate Fund, has appointed Michael O'Hagan as commercial director of its £1 billion UK and Ireland property business. O'Hagan joins from Dublin-based Green Property. Prior to Green, he also held positions in the UK division of Australian shopping center owner Westfield, as well as with retailers Marks & Spencer, Etam, Boots and Arcadia. Multi, which is based in the Netherlands, has projects across 20 European countries.
Clifford Chance appoints new real estate partner
Global law firm Clifford Chance has appointed Catherine Cook as a partner in the firm's London real estate practice. She has a background in high-value real estate transactions with considerable experience in multi-jurisdictional finance and corporate transactions. Cook joins the firm from Berwin Leighton Paisner, where she was a partner in the real estate practice since 2004. Prior to that Cook was at Freshfields for six years. This hire builds on the recent recruitment of Franc Peña from Berwin Leighton Paisner and Fiona Kelly who joined the firm from Canadian law firm Davies Ward Phillips and Vineberg.