A raft of senior staff movements has occurred within the European real estate investment banking world.
JP Morgan has appointed Andrew Penny, a real estate equities analyst, as its new head of European real estate investment banking. Penny replaces Denis Lopez who left earlier this year and now works for hedge fund manager Cambridge Place.
Another former JP Morgan banker, Andrew Stainer, has joined Deutsche Bank as managing director within the real estate investment banking division.
Phillip Rose (left), the former head of real estate at ABN AMRO, has launched a new fund management business in partnership with UK real estate investor Sir John Beckwith.
Alpha Real Capital, a London-based property asset management and investment group, will initially focus on yield-driven and value-added investments in Europe.
CEO Rose, 45, who left ABN six weeks ago, said he expected Alpha to be launching its first products in the last quarter of this year.
UBS is losing its European head of real estate advisory at UBS, Edmund Craston, who was reported to be leaving the bank he joined as a graduate 18 years ago following differences of opinion over style and strategy with senior managers.
Meanwhile, CSFB has lost John Gellatly (right), a director in its real estate investment banking team, to Merrill Lynch Investment Management, where he will be come head of indirect property investment and strategy. Gellatly was heavily involved with the UK property industry’s lobbying for the establishment of a UK real estate investment trust.