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RREEF’s head of UK business leaves

The departure of Bill Hughes is the latest in a series of resignations at RREEF, the real estate and infrastructure arm of Deutsche Bank.

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Bill Hughes has parted company with RREEF as head of UK business as the restructuring of RREEF’s European operation continues.

According to market participants, Hughes left the firm on August 30 after it became clear his role was no longer required under a new regime designed to create a “one stop shop” in Europe led by duo Pierre Cherki and Chris Papachristophorou.

RREEF decline to comment on the latest personnel change at RREEF. However, it follows that of Daniel Rigny, co-head of opportunity funds in Europe, who quit in June.

Rigny’s departure followed hot-on-the heels of an announcement that David Brush, the former European head of RREEF Real Estate and the global head of the firm’s opportunity fund business, is to retire next year.

In further changes, it emerged over the summer that Steve Steppe, chairman of RREEF in the US and partner Mark Carlson are leaving to join San Francisco firm Stockbridge Capital Partners. The pair came to the end of a five-year lock-in period which began when RREEF was acquired by Deutsche Bank.

RREEF is one of the largest real estate fund managers in the world with approximately €59 billion in assets. Last year, the firm raised $1.6 billion for a global opportunity fund.