Cornerstone Hires Winterfield, JPMorgan’s Yang for Real Estate

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Cornerstone Real Estate Advisers hired Joy Winterfield and Albert Yang as new Chief Executive Officer Scott Brown builds the operation after taking over this year.

Winterfield joins from insurer Allstate Corp. as managing director of global portfolio management and will be based in Chicago, according to a statement Monday from Cornerstone. Yang will work in London as managing director head of business development for Europe and comes from the asset management operation of JPMorgan Chase & Co.

Cornerstone, a unit of Massachusetts Mutual Life Insurance Co., manages almost $50 billion, up from $7 billion in 2006. Brown said after being named CEO in January that he was looking to hire teams from rivals and was targeting locations including Paris, Madrid and Milan for expansion.

“Joy will be a fantastic addition to the global executive team,” Brown said in the statement. Yang will work on bringing “opportunities across Europe to our increasingly international client base.”

Brown previously hired another JPMorgan veteran, J.D. Sitton, as managing director of business development for Hartford, Connecticut-based Cornerstone. A representative for New York-based JPMorgan didn’t return a message seeking comment. Greg Burns of Northbrook, Illinois-based Allstate had no immediate comment.

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