Patrizia has appointed former UBS Asset Management divisional vice chairman Thomas Wels as its new co-chief executive, as part of a management rejig.
Wels has held various roles at UBS, including head of global real estate. He had joined UBS in 2005, and became a member of its executive committee in 2007. Before that he worked, among other things, as a consultant and partner at McKinsey.
Wels will take up his new job at Patrizia on 1 May. He will oversee further development of Patrizia’s platform business, and support the expansion into new business areas and international markets.
Meanwhile, chief executive Wolfgang Egger will focus on broadening the global client base, developing its innovation and growth strategy, and “accelerating new technologies”.
Patrizia said its new management structure will drive more investment opportunities and create more long-term value for its international investor base.
Chief operating officer Klaus Schmitt will leave the company after a transition period, to explore new career opportunities. He will stay at the company in a consulting role until the end of his term in December 2020.
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