M&G, Nuveen Name New Global Heads of Real Estate

Two of the world’s largest asset managers named new top-level leaders for their real estate strategies this week as investors look for relief from higher interest rates which have slowed deal-making globally.

M&G on Thursday announced that it has promoted Martin Towns to global head of its $42 billion real estate business with effect from 1 July. Towns’ appointment comes as Tony Brown prepares to retire from the UK asset manager after 35 years in the industry.

That leadership shift was revealed two days after Nuveen, the investment management division of US finance giant TIAA, said that it was upgrading Chad W Phillips to global head of its real estate division with immediate effect.

The new investment leaders are taking on responsibility for managing a combined $185 billion in assets during a week when new tariff policies from the US sent valuations diving, with the S&P 500 index of US stocks plunging 4 percent at the start of the day on Thursday as the US dollar lost 2.2 percent against a basket of major currencies.

M&G Veteran

Towns is taking his step up at M&G after three years as deputy head of real estate, based in London. The University of Aberdeen graduate has now been with the company for 15 years with the firm’s senior management expressing confidence in his leadership.

“Not only is Martin’s appointment testament to his exceptional drive and visionary approach, it reflects the depth of talent we have within M&G,” said Emmanuel Deblanc, chief investment officer for M&G’s private markets division. Brown is set to stay on with the company through the end of June to ensure a smooth handover.

Before taking on the deputy head role in 2022, Towns had served as head of UK commercial and global capital partnerships with M&G, as he worked his way up through a series of leadership roles. M&G Real Estate currently manages around $42 billion in assets, according to company statements.

Towns started his career at Jones Lang LaSalle in London and later worked at Close Brothers before joining M&G in 2010.

Helming $141B in AUM

Phillips took on his new role at Nuveen this week just over six years after joining the company, with the executive having previously led the firm’s healthcare, office, retail and mixed-use strategies.

“Chad is known for his leadership style, investment expertise and consistent commitment to client service,” said Mike Sales, chief executive of Nuveen’s real assets division. “I have every confidence he will maintain our drive for excellence as he guides the platform into the future.”

In his new role Phillips will take top-level responsibility for Nuveen Real Estate’s $141 billion in assets under management through both equity and debt strategies across 22 countries. The graduate of Davidson College and Georgetown University will also chair the Nuveen Real Estate Global Executive Leadership Team, which oversees the platform’s strategic initiatives.

Phillips is replacing Chris McGibbon, who will be retiring on 30 June after 25 years with TIAA and Nuveen.