AllianceBernstein established a real-estate investment unit led by two industry veterans to capitalize on real estate opportunities worldwide. Brahm Cramer will lead the unit, formerly a co-head at the Goldman Sachs’ Real Estate Principal Investment Area that invested over $24bn in 35 countries since 1991. Cramer joined Goldman Sachs in 1990 and became partner in 2002. Jay Nydick will join him after serving as president of iStar Financial (SFI), a commercial real estate company, since 2004. Previously, Nydick spent 14 years at Goldman Sachs, where he co-led the firm’s Non-Japan Asia Corporate Finance, Mergers and Acquisitions and Real Estate Investment Banking. AllianceBernstein expects that this real estate offering will be serving high-net-worth clients and complementing the firm’s deep research and investment platforms. Write to Jon Prior.