Richard Hill joins the firm from US real estate investment manager Cohen & Steers Capital Management where he had held the same role that he will do at Principal for almost three years.
Prior to this, he spent almost a decade at Morgan Stanley on its commercial real estate (CRE) debt team, including six years as head of CRE research where he was responsible for REIT equity research, CRE debt strategy and macro property research.
At Principal, he will work across portfolio teams on capital allocation strategies developed through a relative value framework. He will also lead the real estate global research team with responsibility for delivering the house economic and real estate views to clients.
Principal’s real estate business manages over US$100 billion ($158 billion) in real estate assets globally, while the wider Principal Financial Group manages US$559 billion in assets.
Senior managing director and global head of private real estate at Principal Asset Management, John Berg, said: “Real estate markets are becoming increasingly complex, requiring deep expertise and a nuanced approach to investment strategy.
“Rich brings a unique combination of market insight, portfolio management experience, and research-driven innovation that will be invaluable as we navigate opportunities across global real estate. His leadership will be instrumental in shaping our investment approach and delivering strong outcomes for our clients.”
Property and real estate funds have been growing in popularity in recent years as advisers and wealth managers use them as alternatives to provide diversification in portfolios.
Last August, the firm appointed Stuart Dunn as director of distribution in Australia as the firm sought to build on its existing footprint in the institutional market and accelerate growth in the domestic wholesale market.
Dunn has experience in both markets, having spent five years as director of pension (institutional) sales for client business in Australia and two years as head of wealth distribution, retail business, at BlackRock. He also spent nine years at Perpetual in state sales roles.
His responsibilities at Principal include overseeing sales and client service teams, focusing on public and private capabilities, as well as its emerging market debt strategy.
