UBS launches property business

UBS Global Asset Management yesterday launched a continental European real estate business, in its latest step to create an international investment house.

It has appointed three new fund managers - picked from Lend Lease, the Australian property company - as a first step towards establishing a 50-strong team of specialists.

UBS already has 30 people working in Zurich for its Swiss real estate operation. It plans to hire a further 20 people including around five internal appointments.

Reto Ketterer is the new head of the continental European business. The new hires are Charles Foster Taylor, formerly chief executive of Lend Lease´s European real estate business, Simon Foxley and Mark Chamieh. UBS is in discussions with other people at Lend Lease.

Mr Ketterer said UBS was making the investment amid growing demand for real estate investment products.

UBS manages SFr20bn ($15bn) of real estate assets around the world. It expects to launch a €200m ($226m) continental European product next year.

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