New York-based investment manager Cohen & Steers has hired a team for its new global real estate fund of funds initiative.
The team will be led by Stephen Coyle, who will be a senior vice president and portfolio manager for the strategy. Coyle has more than 19 years of experience in commercial real estate investing, having previously served as chief investment strategist and fund of funds portfolio manager with Citigroup Property Investors, the real estate investment management arm of Citigroup.
Coyle will be joined by Dev Subhash, who will be a vice president and assistant portfolio manager. Subhash was previously the assistant portfolio manager for the Citigroup Property Investors global real estate fund of funds, where he was primarily responsible for identifying potential investments for the funds.
The company's fund of funds will invest in commercial real estate through institutional, value added and opportunistic private real estate funds. A more detailed strategy for the planned fund has not yet been made public. In addition to its New York headquarters, the firm also has offices in Brussels, Hong Kong, London and Seattle. At present the firm manages open-end mutual funds, closed-end mutual funds and institutional separate accounts for individual and institutional investors.