UBS Asset Management, with about $1.8 trillion in assets under management, has named a former CBRE Investment Management portfolio manager to lead the investment strategy and growth of its U.S. direct real estate business.
Larissa Belova is now chief investment officer and portfolio manager of the U.S. direct real estate team at UBS Asset Management, the Switzerland-based investment giant said Wednesday in a statement. She reports to Matthew Johnson, head of real estate for the Americas, and will work closely with the wider team to manage U.S. real estate portfolios, UBS said. Belova's real estate experience includes roles in acquisitions, asset and portfolio management, structured finance, capital raising and investor relations.
“Private real estate will continue to play a key role in institutional investment portfolios of the future,” Belova said in the statement.
A company spokesperson declined to specify to CoStar News the asset size under management of its U.S. direct real estate business.
A 22-plus-year commercial real estate industry veteran, Belova was most recently with CBRE Investment Management, where she served as portfolio manager of CBRE’s flagship diversified open-end core fund, UBS said. In the span of her career, which also included stints at firms and organizations including Thor Equities and the NYC Economic Development Corp., Belova has acquired, managed and sold real estate across property types, including logistics, multifamily, retail and office, as well as self-storage, life sciences, medical office and data centers, UBS said.
“The U.S. is a strategic growth market for our direct real estate business, and retaining and bringing top talent to the platform is a key priority to drive our long-term market positioning,” Jon Hollick, UBS Asset Management’s head of real estate global, excluding Germany, Austria and Switzerland, said in the statement.