RREEF Opportunistic Investments
is said to be departing. The firm's
US headquarters are Downtown.
NEW YORK CITY-The global head of RREEF’s opportunistic real estate investing platform, Chris Papachristophorou, will be leaving Deutsche Bank, his employer for the past 15 years, at year’s end, the online newsletter PERE reported Tuesday. A Deutsche Bank spokeswoman tells GlobeSt.com the firm has no comment on the PERE report.
The news about Papachristophorou apparently departing RREEF Opportunistic Investments comes less than a week after GlobeSt.com confirmed that Kurt Roeloffs, RREEF’s global CIO, would be retiring at the end of 2012. In addition, PERE reported that RREEF chairman David Brush has left the firm to join the European real estate investing platform of Brookfield Asset Management.
Last month, Deutsche Bank said it would hang onto RREEF, which it had considered spinning off to Guggenheim Partners. RREEF and other divisions—including DWS Americas, DB Advisors and Deutsche Insurance Asset Management—will be part of the newly integrated Asset & Wealth Management platform, the Frankfurt-based bank, which has US headquarters in Lower Manhattan, said in September.
However, PERE reported that Deutsche Bank is winding down RREEF’s opportunistic investing unit, which currently represents less than 10% of its assets under management. Conversely, though, a source familiar with the bank’s thinking tells GlobeSt.com that Deutsche Bank will continue to focus on obtaining value from its opportunistic investments.