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New Global Real Estate and COO appointments at UBS Global Asset Management

London Media Releases EMEA


London, 26 November 2012 – UBS Global Asset Management today announces the appointment of Thomas Wels as Head of its Global Real Estate business.

Thomas has been with the firm since 2005 and a member of the Executive Committee since 2007. Most recently, he has been Chief Operating Officer and has also successfully led the integration and further expansion of the firm’s global Fund Services business.

"Thomas’s strong leadership and entrepreneurial skills make him well-qualified to drive the growth of our realestate business", said John Fraser, Chairman and Chief Executive Officer of UBS Global AM.

Paul Marcuse, Head of Global Real Estate since 2007 and a Group Managing Director, will be leaving the firm to pursue new opportunities, having worked for 32 years in financial services and real estate. "Paul has done a great job in bringing together our diverse real estate businesses under a global structure and has cemented our healthy industry position as a leading real estate investment manager, despite the financial crisis and its aftermath", said John Fraser.

UBS Global AM is now the largest real estate investment management business in the world excluding leverage and the second largest including leverage1.

"It has been a privilege to lead UBS Global AM’s Global Real Estate business for nearly six years", said Paul Marcuse. "I would like to thank clients, industry partners and colleagues alike for their support during my time at UBS", he added.

Thomas takes on his new role effective 1 December 2012. Thomas and Paul will work together to ensure a smooth handover.

At the same time, Paresh Sodha, Chief Financial Officer, will assume the additional role of Acting Chief Operating Officer.

UBS Global AM has also appointed Richard Johnson as Global Head of Business Development for Global Real Estate, effective 3 December and reporting to Thomas Wels. Richard was most recently the team’s Head of Business Development in APAC.

"Richard is a seasoned real estate professional who has previously worked in a range of roles with large real estate firms in Europe and the Middle East as well as Asia", said Thomas Wels. "I am looking forward to working with him and our highly experienced real estate team to take the business forward", he concluded.


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Global Asset Management

UBS Global Asset Management is a large scale asset manager with well diversified businesses across regions, capabilities and distribution channels. It offers investment capabilities and investment styles across all major traditional and alternative asset classes. These include equity, fixed income, currency, hedge fund, real estate and infrastructure and private equity investment capabilities that can also be combined in multi-asset strategies. The fund services unit provides professional services including legal fund set-up, accounting and reporting for traditional investment funds and alternative funds. Invested assets totalled some GBP 388 billion as at 30 September 2012. The firm is a leading fund house in Europe, the largest mutual fund manager in Switzerland1 and one of the largest fund of hedge funds and real estate investment managers in the world.

With around 3,800 employees, located in 24 countries, we are a truly global firm. Our principal offices are in London, Chicago, Frankfurt, Hartford, Hong Kong, New York, Paris, Sydney, Tokyo, Toronto and Zurich. UBS Global Asset Management’s Global Real Estate actively manages real estate investments, worth approximately GBP 40 billion2 in Asia, Europe and the US and across the major real estate sectors, making it the largest global real estate investment manager worldwide based on equity3. Its capabilities emphasise core and value-added, but also include other strategies across the risk/return spectrum. These are offered on a global, regional and country basis and through open and closed-end private funds, customised investment structures, fund of funds, individually managed accounts and publicly traded real estate securities globally.