UBS A Reputable Shop Moving Forward?
Interviewing for a position at UBS in the direct real estate group. Speaking with the interviewers it sounded like there were a lot of changes going on in the organization and that they were struggling to keep capital from flowing out. Didn't sound like morale at the company was the best.
I strolled through LinkedIn and it looks like a lot of people from analysts through managing directors have left the company recently. It seems like they have a fairly new top guy in place.
Anyone have intel on if this is a good place to join or if I should pass on the opportunity?
Unless this is your first job breaking into real estate I would stay away. You are going to be doing mostly dispositions for the next year or two until they complete they redemption requests. I interviewed with them middle of last year and comp was below market as well.
It's a dumpster fire. I would stay away unless you absolutely need a paycheck.
I speak regularly with the clients who invest in the core flagship UBS fund and they all say the company is in a nose dive which will be impossible to pull out of without a lot of pain (i.e. downsizing / firings). The core fund has a redemption cue that is almost 75% of AUM and growing. The only reason they are able to keep the lights on for now is because the legal contracts between the clients/investors and UBS gives UBS the right to not sell more than X% of the portfolio each year to prevent a run on the fund.
They essentially wiped the slate clean on C-level executives and brought in people with very little real estate experience to run the company (clients tell me the CEO was a fund of fund guy with no direct RE experience).
Can't imagine these guys can pay market given the current situation of the company. As someone else says, stay away.
Their new head of asset management comes from research. Seems to signal they are trying to invest much more in data/analytics/tech and less in ppl (going back to execs being let go).
This is going to end terribly for them. I would avoid.
A leadership team without actual hands on real estate experience trying to turn around a fund with a 75%+ redemption que. This is a run, don't walk away type of situations. thanks for the information.
The UBS core fund has been one of the worst performing major real estate funds this cycle.
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