Morgan Stanley is reorganising the management of its real estate investment business in Asia, as the US investment bank prepares to launch a new $500 million to $1 billion property fund in the region.
According to a report in industry publication PERE, Morgan Stanley has appointed independent heads for the major hubs in the region, with Susan Sun taking responsibility for China, Noah Wangh becoming head of Hong Kong, and Kevin Kow taking charge of the Singapore office.
The new leadership was announced after news of the upcoming departure of the company’s head of real estate investment for Greater China and Southeast Asia was first revealed here on Mingtiandi last week.
Also as part of the new management framework, Morgan Stanley Real Estate Investment’s Japan chief, Toru Bando, will take on the role of Head of Acquisitions for Asia.
Paul Keogh to Head New MSREI Fund
The transition at Morgan Stanley appears to be driven in part by preparations for a new open-ended property fund in the region, and the bank has reportedly hired former RREEF executive Paul Keogh to lead the core investment vehicle.
According to the report in PERE, the fund will target Australia, Japan, Shanghai and Beijing, with Hong Kong and Singapore also potentially getting some attention.
The fund is expected to launch in December, after Keogh officially joins Morgan Stanley, and the $500 to $1 billion target is for the first round of fund-raising of the open-ended fund.