Real estate investment manager Patrizia has hired Thomas Wels from UBS to serve as its new co-CEO.
Wels will assume the new responsibility on 1 May 2020, with responsibility for the development of the firm’s diversified platform business.
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He will also be tasked with supporting the firm’s expansion into new businesses and international markets.
Wels spent 15 years at UBS Asset Management.
He held various senior roles at the firm including head of Global Real Estate and COO.
Patrizia CEO Wolfgang Egger said: “With his broad leadership experience, international network and proven entrepreneurial skills, Thomas is ideally qualified to lead the further development of our business operations and help us become more agile and strengthen our local expertise.
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By GlobalData“In addition, Thomas will develop strategies to accelerate the industry consolidation including our move into new real asset classes and business areas and to further strengthen our client centric approach globally.
“This in turn will allow me to further deepen the dialogue with our investors in key markets across Europe, America and Asia, and to focus on strategy development for innovation and cutting-edge technologies with the clear goal to lead the transformation of our industry.”
Meanwhile, management board member and COO Klaus Schmitt is set to quit the business to pursue new opportunities.
His term will end this December. Till then, he will remain in an important consulting position.
