JP Morgan has promoted European property analyst Andrew Penny to European head of property investment banking, replacing John Zehner, who is to head its operations in South Africa.
Managing director Zehner will become senior country officer for JP Morgan in South Africa. James Muir will now head the property equities coverage.
Zehner, a 24-year veteran of JP Morgan, and highly respected property banker, will be working with John Coulter and the South African leadership team.
A dual citizen of the UK and US, Zehner has lived in London for nearly a decade and previously worked in New York.
He and his family will be relocating to Johannesburg shortly. Jon will report to Klaus Diederichs, head of investment banking in Europe the Middle East and Africa.
Penny joined JP Morgan in 1999 to initiate JP Morgan’s equity research coverage of the European real estate sector.
In Institutional Investor magazine’s most recent all-Europe research poll, clients voted Penny and his team as the second highest-rated real estate research team after Merrill Lynch.
Penny, who will focus on equity and debt-related opportunities, will report to Gaby Abdelnour and also partner with the real estate investment banking teams in the Americas and Asia Pacific.
References: EGi News 28/04/05
