KBW Picks Up Real Estate Activity with JPM Hire
The full service investment bank KBW (KBW) just got a little fuller by hiring a former JP Morgan (JPM) capital manager to head up its real estate investments. Starting immediately, Michael Errichetti will be managing director and head of the Real Estate Banking division of the New York-based financial firm. He will oversee a real estate platform that includes five research analysts covering 63 public real estate companies, a dedicated REIT trader and distribution team and a private equity team that raises real estate investment funds and direct equity for real estate clients. "We were looking for a veteran, established real estate investment ?banker to help take our business to the next level," said John Duffy, ?KBW chairman and CEO. "KBW is very committed to ?growing our real estate business going forward and we are excited that ?Michael will be joining our Investment Banking management team." Errichetti spent the last 25 years at JP Morgan advising clients and raising capital for several large deals, namely NewPlan's $6.3B sale to Centro Properties Group, Trizec's $8.9B sale to Brookfield/Blackstone, and Cabot's $3.2B sale to Calpers. Write to Jacob Gaffney.