UBS Asset Management’s Global Real Estate business is to expand its separate mandate business to include institutional investors.
The Global Customized Mandate unit was previously open only to the ultra-high net worth clients of UBS.
The business, to be named Global Customized Mandates – Key Institutional Clients, will offer potential clients the ability to source, structure and manage direct real estate investments on an individual, non-mingled, basis.
The business will be headed by Tilman Hickl, who had previously been head of global real estate ex-Switzerland within UBS AM.
The new unit will sit alongside the private wealth client arm, to be renamed the GCM – PWC unit, which will be headed by Benoît Delaby.
Hickl will also head the combined unit.
Wolfgang Behrendt will assume Hickl’s role at UBS AM. Behrendt joins from Deka Immobilien where he was responsible for public real estate funds.
Thomas Wels, UBS Asset Management’s head of global real estate, said: “The decision to expand the GCM business reflects the growing demand we have seen from our institutional clients, including sovereign wealth funds, to invest directly into large-scale properties and development projects, rather than doing so through real estate investment funds.
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