(Updates with executive’s comment in third paragraph.)
Sept. 16 (Bloomberg) -- Axa Real Estate Investment Managers hired Steve McCarthy as head of U.S. asset management and transactions amid an expansion of North America property bets.
McCarthy joins in the newly created role from MXA Capital, a real estate investment advisory firm that he co-founded, according to a statement today from the unit of Paris-based Axa SA. He’ll be based in New York and report to Olivier Thoral, Axa real estate’s head in North America.
Insurers including Prudential Financial Inc. and Principal Financial Group Inc. have been bolstering teams managing real estate as the companies seek to boost fee income. The Axa real estate investment unit had more than 46 billion euros ($61.5 billion) in assets under management as of June, according to the statement. The business will target investments in retail, office and industrial properties, Thoral said in an interview.
“Global expansion is a strategic priority for AXA Real Estate, and we are looking forward to working with Steve to grow our business in the U.S, which is a key area of focus,” Thoral said in the statement. McCarthy has experience in real estate investment and management with institutional clients and his arrival “strengthens our growing North American team.”
McCarthy also has worked at the Greenprint Foundation, a coalition committed to reducing energy usage at properties, and has had posts in a three-decade career with companies including Buchanan Street Partners in the U.S. and Tishman Speyer Properties LP in the U.K. He has an MBA from Columbia Business School and a bachelor’s degree from Dartmouth College.
--Editors: Dan Kraut, Steven Crabill