Dan Cummings, who this week resigned as co-chief executive officer of LaSalle Investment Management, has joined The Carlyle Group, a private global investment firm, based in Washington DC. The firm is a client of LIM.
Cummings, who had been with LaSalle for 20 years, was a board director of Jones Lang LaSalle and was in charge of developing LIM’s pan-European fund management. He refused to comment on the reasons for his departure, or confirm his plans.
Formed in 1987, The Carlyle Group has more than $5bn of capital under management, and invests in real estate, management-led buyouts and private and publicly-quoted companies in the US and Europe. The annualised gross internal rate of return on its real estate investments is around 30%.
Lynn Thurber, formerly Cummings’ co-chief executive, will take over sole responsibility for LIM. Thurber will remain in the US, where she will oversee the European and US business, as well as expanding the operation into Asia Pacific.
