BlackRock hired Jack Chandler as global head of real estate. In this new position, Chandler will oversee the firm's global real estate capabilities that extend across the capital market structure and include both equity and debt investment products that have reached around $13 billion in assets under management.
Chandler's clients will include public, corporate and union pension plans, as well as insurance firms, foundations, endowments, private and high net worth investors.
Most recently, Chandler, who will report to Matthew Botein, head of BlackRock Alternative Investors (BAI), was global chief investment officer and executive chairman, Asia for LaSalle Investment Management.
He initially joined LaSalle in 1986 and after 14 years with the firm in the U.S., he relocated to Singapore in 2000 to launch LaSalle's Asia Pacific business.
From a single, opportunistic closed end fund launched in 2001, that business now covers more than $12 billion of investments in direct and listed real estate.
Chandler succeeds Paul Audet, who was senior managing director and assumed interim leadership for BlackRock's Real Estate business in 2008. Audet will transition to other executive responsibilities within BlackRock where he was previously head of cash management and prior to that CFO.
"We're delighted to be bringing an executive of Jack's caliber to BlackRock," Botein said. "As we work to round-out the alternative offerings within BAI, Real Estate will be a central component of our product menu. Jack's depth of experience and deep understanding of the global real estate markets will significantly accelerate our ability to offer clients best-in-class investment products."
"I would like to thank Paul for his many contributions as leader of the Real Estate business -- a role he admirably performed through the depths of the credit crisis and real estate markets broadly," Botein added. "Paul has made notable improvements to our investment processes and risk management systems, supported our clients and provided great leadership to our team. Now, Jack will take us forward."