UBS Real Estate, Leisure and Lodging

Interested in opinions on the group. Does anyone know where the analysts have placed? Are you pigeonholed into real estate therafter, or are options still relatively broad after 2 years?

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I posted not too long ago with a comment on the UBS REG. Top 10, not top 5.

As far as being pigeonholed in real estate, it does happen unfortunately. I've met with probably a half dozen headhunters who have PLENTY of openings for former real estate sellside analysts interested in real estate private equity, hedge funds, opportunity funds, etc. But if you're like me and want to branch out from real estate and go to the buyside simultaneously, it can be difficult.

It seems to be a lot easier to make the move if you were in a group like Global Industrials, Lev Fin, M&A, or were some sort of Generalist. RE uses some unique accounting / metrics, but it's not so fundamentally different from anything else, in the sense that you're simply interested in valuing a series of future cash flows. Which goes for all industries.

My opinion (at least, this is what I tell myself) is that if you've done well as an analyst, and you're reasonably intelligent, learning some new accounting and vocab words in another industry isn't all that difficult. Convincing prospective employers of this, however, may not be the lay-up you'd like it to be.

Of course, the familiar "who you know" method is a convenient way of bypassing all of this.

 

In Real Asset Estate Management you oversee 5 to 12 properties. A MD explain it to me as being the CEO of a real estate asset, ensuring that it is fully leased and operationally sound which requires interacting with the various services companies like property management.

I could not say for certain, but my belief is this is not a great lateral opportunity. UBS RE offices are in Hartford, Dallas and San Francisco which isn't the same as most of the Investment Bank offices. Real Estate generally pigeon holes you in the space and the culture at UBS RE is very long-term. I would pursue other options if Real Estate isn't what you are looking for.

 

UBS real estate is a good group, but not amazing. The leisure part of it is stellar tho with all the ex-DLJ guys. Moelis' client list includes like trump, krekorian etc.

The leisure group headed by James Stewart, formerly at MS, is on fire right now. Doing the Harrah's lbo deal. I beleive that Stewart is based out of LA tho and sources his deals through that office. So if you are looking at New York RE group - not sure if the gaming connections help as most of the guys are out in LA.

 

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