UBS Hires U.S. Real Estate Banker Michael ErrichettiMatthew Monks
UBS AG, Switzerland’s biggest lender, hired investment banker Michael Errichetti amid an effort to rebuild its U.S. real estate advisory business.
Errichetti started work Jan. 6 at UBS as a managing director in its real estate, leisure and lodging group for the Americas, according to an internal memo obtained by Bloomberg News. Contents of the memo were confirmed by Megan Stinson, a spokeswoman for UBS.
Errichetti spent the bulk of his 27-year career as a real estate banker at JPMorgan Chase & Co., where he helped start a real estate group and helped advise Trizec Properties Inc. on its sale to Brookfield Office Properties Inc. for $8.9 billion including debt in 2006. He joined Keefe, Bruyette & Woods Inc. in 2010 to develop a real estate group there and started his own firm, called Midcountry Capital LLC, after leaving KBW last February.
The value of mergers involving U.S. real estate investment trusts rose about 54 percent in 2013 to $112 billion, as rising share prices gave REITs the currency to do more deals, data compiled by Bloomberg show. UBS was ranked seventh by market share for U.S. REIT deals last year, advising on $10.5 billion in deals, according to the data.
The internal memo was sent to UBS employees from Peter Baccile, joint global head of real estate, leisure and lodging, who left JPMorgan after two decades to join UBS last year.