Randy Reiff, who ran Macquarie Group Ltd.’s commercial-mortgage finance unit in the U.S. for three years, has left the bank, according to two people with knowledge of the move.
Reiff departed this month after joining Australia’s largest investment bank in July 2010, said the people, who asked not to be identified because the move hasn’t been announced. The Sydney-based firm is seeking a replacement to run the New York team.
Macquarie formed its group to originate U.S. commercial-property loans and trade securities linked to the debt as the $550 billion market began to revive after freezing during the credit market seizure of 2008. Reiff previously ran commercial-mortgage bond groups at Bear Stearns & Co. and JPMorgan Chase & Co.
Stephen Yan, a spokesperson for Macquarie in New York, declined to comment. Reiff couldn’t be reached for comment.
Sales of commercial-mortgage bonds are climbing, with issuance forecast to double to $70 billion in 2013, according to a forecast from Credit Suisse Group AG. A record $232 billion of the debt was offered in 2007, according to data compiled by Bloomberg.
Macquarie acquired $600 million of commercial property loans from Societe Generale SA in November 2011 as the Paris-based lender was selling assets amid pressure on European banks to boost capital and cut the size of their balance sheets to cope with the region’s debt crisis.