UBS Global Asset Management today announced the appointment of Paul W. Marcuse as head of its Global Real Estate business. Paul will be based in London, reporting to John A. Fraser, Chairman and CEO of UBS Global Asset Management. Paul will also join the Executive Committee of UBS Global Asset Management.

Global Real Estate invests in properties in Continental Europe, Japan, the United Kingdom and the United States and in publicly traded real estate equities globally. It offers core and value-added strategies, real estate securities and agriculture investments on a global, country or region-specific basis. In his new role, Paul will have overall responsibility for managing this business area.

Paul succeeds James W. O'Keefe who, after years of successfully building a Global Real Estate business for UBS Global Asset Management, has decided that the time is right for a new Head of Global Real Estate to take the business forward for the next stage of growth. Jim will continue to be a full-time member of UBS Global Asset Management and will be appointed as Senior Advisor to the Global Real Estate team.

Paul has been Chief Executive of AXA Real Estate Investment Managers (AXA REIM) since March 2000, and a member of AXA Investment Managers' Executive Committee. As at September 2006, AXA REIM's assets under management had grown to around USD 42 billion across all property types. AXA REIM was ranked as the fourth largest global real estate asset manager in the May 2006 Europroperty / INREV fund manager survey and today operates in 15 countries on behalf of its institutional and retail client base. In earlier years, Paul spent time in real estate with Rodamco Group, Union Bank of Switzerland, BZW and Goldman Sachs.

John Fraser, Chairman and CEO of UBS Global Asset Management said: "Under Jim's leadership, Global Real Estate has become a key part of our investment capabilities and an important contributor to our business success. We are delighted to be securing someone of Paul's stature. Paul's 20 years of experience in the real estate industry will drive our business forward to its next stage of development."