Principal AM hires senior global real estate specialist

US investment firm Principal Asset Announcement has appointed a new global head of real estate research & strategy, with Richard Hill jumping ship from REITs specialist Cohen & Steers.

Hill will work across portfolio teams on capital allocation strategies developed through a relative value framework. As part of an expansive role, Hill will also lead the firm’s real estate global research team, including oversight of the firm’s house economic and real estate views for clients – a familiar form for Hill.

John Berg, senior managing director and global head of private real estate at Principal Asset Management, said Hill’s appointment would be “instrumental in shaping our investment approach and delivering strong outcomes for our clients” in what has become an “increasingly complex” real estate market.

“Rich brings a unique combination of market insight, portfolio management experience, and research-driven innovation that will be invaluable as we navigate opportunities across global real estate.”

Hill, who has notched up more than 24 years in the financial services sector, joins from New York-based Cohen & Steers Capital Management where he held a similar head of real estate strategy & research role. Over his three years with the REITs specialist investment firm, Hill was responsible for identifying allocation opportunities across listed and private real estate.

Previously, Hill was managing director and head of commercial real estate research at Morgan Stanley, overseeing REIT equity research, CRE debt strategy and macro property research.

Earlier, he held a director role at RBS Securities and was vice president at Bank of America Corporation.

Principal Real Estate, the group’s dedicated real estate investment team manages over US$100 billion in real estate assets globally. Its parent, Principal Financial Group, oversees US$700 billion and administers US$1.6 trillion.