Calvin Chou is joining Invesco as head of opportunity funds for Asia
Calvin Chou has joined investment management firm Invesco as head of real estate opportunity funds for Asia with the US-based firm, according to sources familiar with the parties involved.
Invesco is said to have brought the Morgan Stanley veteran on board to help the asset manager create a new division devoted to opportunistic funds property funds in the region, after the company successfully pioneered open-ended core funds in Asia.
Invesco Continuing to Expand in APAC
By hiring Chou, Invesco is furthering an Asian expansion that it began in 2010 by acquiring AIG’s real estate platform, based in Hong Kong. In that acquisition, Invesco was able to take over the existing funds and team of AIG, after the US financial services firm was bailed out in the US-subprime meltdown.
Chou previously served more than 17 years with Morgan Stanley, most recently as Managing Director and head of the company’s real estate investment business for Greater China. In recent months Morgan Stanley real estate has seen significant changes in its management structure regionally, as its head of Asia, Hoke Slaughter, prepares to head back to the US from Hong Kong, and Toru Bando takes over the APAC reins.
In addition to the departure of Chou and Slaughter, a number of other Morgan Stanley real estate executives have left in 2014 and 2015 as the investment bank’s strategy shifts to more global funds and its volume of real estate assets under management in the region continue to shrink.
$500 Million Opportunity Fund Said to Be on the Way
Chou’s experience managing funds in Asia will be needed at Invesco as the firm is preparing a $500 million opportunistic real estate fund dedicated to the Asian market, according to reports in industry media. Invesco already has a presence in Seoul and Sydney in addition to its Asia headquarters in Hong Kong, as well as two mainland offices.
In an essay in a regional trade publication last month, Chou noted the impact that Chinese outbound investment is already having on pricing of real estate assets in China, and predicted greater liquidity pressure on developers as the mainland property market cools.
On the mainland the US firm has a presence in Shanghai and Beijing, and Chou’s hiring could signal the company’s interest in increasing its exposure to the China market.
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